Oil prices are falling

Oil prices plummeted on Monday following President Donald Trump's announcement to call off a planned strike on Iran. West Texas Intermediate futures dropped over 6% to $79.10 per barrel, while Brent crude futures fell more than 5% to $82.99 a barrel, as of 8:00 a.m. ET. Trump revealed his decision to halt the strike early Sunday, after receiving a request from Tehran and other Middle Eastern countries to withdraw any attack.

In a Truth Social post, Trump claimed that an agreement had been reached, which would include the "Immediate, Complete, and Total OPENING OF THE HORMUZ STRAIT, and an end to Iran's nuclear threat." This deal reportedly sparked Trump's decision to abandon the strike, which was reportedly being considered amid dwindling prospects for a diplomatic resolution to the ongoing conflict with Iran, which began on February 28.

Iran's response to Trump's announcement was cautious. Seyyed Majid Ibn Al-Reza, Iran's acting defense minister, stated in a state media post on X that while they considered the enemy's recent statements as part of a psychological warfare campaign, they take every threat seriously. Iran's Fars International news agency, affiliated with the Islamic Revolutionary Guard Corps, dismissed Trump's proposal, labeling it as a "wish list."