Brent Crude Plunges Over 7% as Trump Nixes Iran Attack and OPEC+ Hikes Quotas
Brent crude tumbled more than 7% at the open Monday after President Trump said he scrapped a massive strike on Iran at the request of Saudi Arabia and other allies, while a fresh OPEC+ supply increase added to the selling pressure. WTI fell 6.7% to $78.98 a barrel.
Oil prices cratered in early trading as twin headlines deflated the geopolitical risk premium. President Trump revealed that he had agreed to call off a large-scale military operation against Iran, citing appeals from Middle East partners including Saudi Arabia.
At the same time, crude markets digested another small but symbolically significant quota increase from OPEC+, further souring sentiment. The double blow sent Brent down more than 7%, its steepest intraday drop in months.
U.S. benchmark WTI lost 6.7% to settle at $78.98 per barrel, tracking the broader rout.
Source: First Squawk