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The Guardian - UK
The Guardian - UK
Business
Julia Kollewe

Oil prices plunge and Europe’s markets rally after Trump calls off Iran strikes

Iran Oil Donald Trump United States OPEC
Oil supertankers and merchant marine ships in the Fujairah anchorage, just off the strait of Hormuz
Oil supertankers and merchant marine ships in the Fujairah anchorage, just off the strait of Hormuz. Photograph: Barry Iverson/Alamy

Crude oil prices fell sharply while stocks and government bonds rallied on Monday after Donald Trump cancelled planned strikes on Iran and claimed peace talks were about to resume.

Brent crude was trading 5% lower at $83.47 a barrel by lunchtime, after falling as much as 7.3% to $81.55 a barrel. US West Texas Intermediate dropped more than 5% to $79.47 a barrel.

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