Oil prices tumble after Trump's 'productive' talks with Iran claim

Brent crude prices had surged sharply by more than 60 per cent since the beginning of the US-Iran-Israel conflict. Crude oil prices tumbled, posting one of the biggest intraday price swings after US President Donald Trump on Monday claimed that the United States and Iran have held "productive talks" on ending the conflict in the Middle East. Moments after Trump's announcement, Brent crude futures fell around USD 17, or 15 per cent, to a session low of USD 96 a barrel by 1108 GMT. Advertisement US West Texas Intermediate (WTI) had fallen USD 13, or about 13.5 per cent, to a session low of USD 85.28. Oil prices fell by over 13 per cent and Brent crude as much as 14 per cent to USD 96 per barrel at one point. However, after Iran's denial of any such talks, the oil prices jumped around 5 per cent to reach USD 101 per barrel but came down to below the USD 100 level again. Brent crude prices had surged sharply by more than 60 per cent since the beginning of the US-Iran-Israel conflict, rising to around USD 112 per barrel on Monday from approximately USD 70 per barrel prior to the conflict, largely due to the disruption of oil supply through the Strait of Hormuz and attacks on energy sites in the Gulf region. In just the last 30 days, crude prices had increased by around 56 per cent, before tumbling to USD 96 per barrel today. Meanwhile, gas prices have also fallen from 159p a therm to about 139p.