The price of oil continued to fall on Monday, with Brent dropping over 7%, after both Washington and Tehran halted attacks against each other over the weekend. United States President Donald Trump stated that the two parties are currently conducting talks, but that Iran is “not ready” for a deal yet. In addition, Yemen’s Houthis threatened escalation, following Saudi Arabia’s attack on the port of Hodeidah.
West Texas Intermediate (WTI) for deliveries in September fell 6.64% to sell for $83.38 per barrel at 3:00 am ET. At the same time, Brent for the same month’s settlements plunged 7.13%, going for $90.01 per barrel.