economy
Oil tumbles nearly 11% after Trump puts hold on U.S. strikes against Iran energy infrastructure for five days
President Donald Trump said Monday that the U.S. and Iran had productive talks over the weekend about ending the war.
TL;DR
- Oil prices, including Brent crude and West Texas Intermediate, fell sharply on Monday.
- President Trump announced productive talks with Iran and a five-day postponement of military strikes on Iranian energy infrastructure.
- Goldman Sachs increased its oil price forecasts, citing risks to supply from the Strait of Hormuz.
- The Strait of Hormuz normally handles about 20% of global oil supplies.
- Iran stated that safe passage would be allowed through the strait for all shipping except vessels linked to 'Iran's enemies'.
- The International Energy Agency (IEA) described the Middle East situation as severe and is consulting on releasing more stockpiled oil if needed.