Brent and WTI fall after President Trump announces Iran talks
Business
Crude oil prices took a sharp hit early Monday after President Trump announced fresh peace talks with Iran.
President Trump decided to skip a planned military strike on Iran, listening to Middle Eastern allies like Saudi Arabia, who pushed for diplomacy instead.
As a result, Brent crude dropped 7.3% below $85 a barrel, and WTI crude slipped under $81 a barrel.
Gulf states seek safer oil shipping
Even with peace talks on the table, the region is still tense.
Just last month, Brent crude prices swung wildly (up to $32 a barrel).
Gulf states are now looking for new ways to ship their oil safely, but uncertainty remains high.