Global oil prices tumbled on Monday after United States President Donald Trump said Washington was holding “good talks” with Iran, raising hopes of a diplomatic breakthrough following the suspension of a two-week bombing campaign against the Islamic Republic.
Brent crude, the international oil benchmark, fell by about 8.2 per cent to below $90 per barrel after dropping as low as $87.55 during trading. The decline came after prices briefly climbed above $100 per barrel last week amid heightened tensions in the Middle East.
Reuters quoted Trump as saying there was a good chance of reaching an agreement with Tehran but warned that the United States would resume military action if negotiations failed.
“We’re talking right now. We’re having good talks. I think there’s a good chance that something could happen, and if it does, good; if it doesn’t, we go back to doing what we were doing two days ago,”
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