Brent crude drops by 5% after US president said talks on Middle East peace deal would resume
Crude oil prices fell sharply and European stock markets rallied on Monday after Donald Trump cancelled planned strikes on Iran to focus on negotiations for a peace deal.
Brent crude was trading 5% lower at $83.50 a barrel by mid-morning, after falling as low as $81.55 a barrel. US West Texas Intermediate dropped more than $5 to $79.47 a barrel.
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This article was originally published by The Guardian and written by Julia Kollewe.
Read original article on The Guardian