Khaberni - Oil prices dropped by more than 13% on Monday, after US President Donald Trump said he would order the military to delay any strikes targeting power plants and energy infrastructure in Iran.
Brent crude futures fell by about $17 or 15% to the lowest level during the session at $96 per barrel by 1108 Greenwich Mean Time.
West Texas Intermediate crude dropped by $13 or approximately 13.5% to the lowest level during the session at $85.28 per dollar.
US President Donald Trump said on Monday that he had instructed the Department of War to postpone all military strikes against Iranian energy stations and infrastructure for five days.
He added in a post on his account on "Truth Social" that the United States and Iran had held good and productive talks over the past two days regarding reaching a complete and comprehensive solution.
Trump continued, "I am pleased to inform the public that the United States and Iran have had 'very good and productive' talks in the past two days with the goal of reaching a comprehensive solution to hostilities in the Middle East."
Trump added that these talks, which he described as "in-depth and detailed and constructive," will continue throughout the current week, noting that he has issued instructions to the Department of War to postpone all military strikes against energy facilities and Iranian infrastructure for five days, subject to the results of the ongoing meetings and discussions.
