Global oil prices tumble as Trump signals resumption of diplomatic talks with Iran
Global oil benchmarks Brent and WTI plunged about $3 per barrel on Monday. The move followed news of resumed diplomatic talks between Washington and Tehran.
Insights:
Brent crude futures traded on the Intercontinental Exchange, Inc. fell $3.02, or 4.4%, to settle at $66.30 per barrel on Monday. Simultaneously, U.S. 
US West Texas Intermediate (WTI) crude futures dropped $3.07, or 4.7%, to $62.14 per barrel in the U.S.. This sharp decline came after U.S.President Donald Trump donald trumpannounced that the government of Iran 
IRwas seriously talking with Washington, signaling a potential de-escalation of tensions.
US West Texas Intermediate (WTI) crude futures dropped $3.07, or 4.7%, to $62.14 per barrel in the U.S.. This sharp decline came after U.S.President Donald Trump donald trumpannounced that the government of Iran IRwas seriously talking with Washington, signaling a potential de-escalation of tensions.Officials from both the U.S.and Irantold Reuters that nuclear talks between the two nations will resume this Friday. Tehran's top security official Ali Larijani ali larijaniconfirmed that arrangements for these negotiations were already underway. These diplomatic developments prompted market participants to reposition, reversing the geopolitical risk premiums that had supported prices throughout the previous month.
