Oil prices drop over 6% after Trump cancels Iran attack

WASHINGTON, United States — LONDON — Global oil prices fell more than 6% on Monday after U.S. President Donald Trump cancelled a planned military strike on Iran, according to Reuters. The report said the decision was aimed at allowing space for a potential agreement between Washington and Tehran. Earlier on Sunday, Trump had said the United States was prepared to act against Iran with military force unseen since the Second World War. The reversal came before any strike was launched, and analysts cited by Reuters said the prevention of an escalation in the Middle East has eased short-term supply concerns in energy markets. Brent crude had traded with sharp swings in recent sessions as rhetoric between Washington and Tehran intensified. Prices remain volatile and continue to track developments in U.S.-Iran relations, with traders watching for any sign of renewed escalation or a diplomatic opening.