Oil Prices Plunge and European Markets Rally as Trump Halts Iran Strikes
Brent crude dropped 5% and equities advanced following the US president's decision to call off military strikes on Iran.
Crude oil prices fell sharply while European stocks and government bonds rallied on Monday after US President Donald Trump cancelled planned military strikes against Iran and stated that Middle East peace talks were set to resume.
Brent crude traded 5% lower at $83.47 a barrel by midday, having earlier dropped as much as 7.3% to $81.55 a barrel. Meanwhile, US West Texas Intermediate declined by more than 5% to trade at $79.47 a barrel.
The sharp reversal in commodity and equity markets came in response to lowered geopolitical tensions in the Middle East following the cancellation of the strikes.
David reports on energy, metals and agricultural markets, tracking how supply signals and safe-haven demand move prices across the commodities complex.
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