Oil prices drop as Trump pauses Iran attack plans 🚨
Oil prices have fallen more than 1 percent after US President Donald Trump said he paused a planned attack on Iran to allow for negotiations to end the war in the Middle East.
Brent Crude futures fell to just more than $110 a barrel on the news while US oil futures dropped to $103 a barrel.
Traders are closely monitoring negotiations between Washington and Tehran with concerns about the impact of the prolonged closure of the Strait of Hormuz.
The waterway previously carried daily about one-fifth of global supplies of oil and liquefied natural gas.