Oil Plummets 8% as Trump Postpones Hormuz Deadline Threat

Brent crude is down more than 8% in the minutes following a statement by U.S. President Donald Trump that “THE UNITED STATES OF AMERICA, AND THE COUNTRY OF IRAN, HAVE HAD, OVER THE LAST TWO DAYS, VERY GOOD AND PRODUCTIVE CONVERSATIONS REGARDING A COMPLETE AND TOTAL RESOLUTION OF OUR HOSTILITIES IN THE MIDDLE EAST”. Brent crude sunk to around $103 prepared in early trade on Monday, with WTI falling to around $90. Iranian media has claimed there had been no direct or indirect contact with President Trump. Early on Monday,…