Global oil prices drop 6% - Trump postpones attacks on Iran power plants
US President Donald Trump said he had ordered a halt to attacks on Iranian energy infrastructure after "very good and productive talks" with Tehran and that negotiations would continue this week.
The United States and Iran "have had, over the last two days, very good and productive conversations regarding a full and total resolution of our hostilities in the Middle East," Trump wrote on his Truth Social platform.
"Based on the content and tone" of the talks, "which will continue throughout the week," Trump directed the Defense Department "to postpone any military strikes against Iranian power plants and energy infrastructure for a five-day period, depending on the success of the ongoing meetings," he added.
Following the statements, Brent crude oil fell more than 6% to $105.09 a barrel, after crossing $112 on Friday. West Texas Intermediate futures fell nearly 6% to $92.29 a barrel.
On Saturday, US President Donald Trump threatened to "destroy" Iran's nuclear power plants if the latter does not fully reopen the Strait of Hormuz within 48 hours, just a day after speaking of a "de-escalation" of the war, which is now in its fourth week.
On Monday morning, Iran's Revolutionary Guard said it would target Israeli power plants and those supplying US bases in the Middle East in retaliation for any attack on its electricity sector.
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