Washington: Oil prices fell sharply on Monday after US President Donald Trump announced a postponement of planned US strikes on Iranian energy facilities. Brent crude futures dropped 13.7% to $96.72 a barrel, marking a significant decline after they had reached their highest level since July 2022 just last Friday.
According to Jordan News Agency, US West Texas Intermediate (WTI) crude futures for the same month also saw a notable decrease, falling 10.57% to $87.85 a barrel during afternoon trading. The sudden drop in oil prices came in response to Trump's announcement of a five-day delay for all planned strikes targeting Iranian power plants and energy infrastructure.