British News Agency

Global benchmark Brent crude slid 6.4% on Monday to $66.15 a barrel. U.S. West Texas Intermediate (WTI) futures fell 4.75% to $62.11 a barrel.

Trump has repeatedly warned of possible intervention if a nuclear deal with Iran is not reached or if Tehran continues to crack down on internal protests that it claims are fueled by the West. Speaking to reporters on Saturday, Trump said Iran was holding “serious talks” with the United States.

His remarks came after senior Iranian security official Ali Larijani said on X that preparations for negotiations were ongoing.

Oil prices had recently climbed to a six-month high amid fears that the United States could launch a military strike against Iran. Washington sent a “large naval force” to the region last week, heightening concerns about a potential conflict with the Middle Eastern country.

Andy Lipow, president of Lipow Oil Associates, said the latest drop in prices followed reports that Washington and Tehran are communicating through intermediaries, raising hopes that tensions could ease rather than escalate.

Marko Papic, a macro and geopolitical strategist at BCA Research, added that the U.S. administration’s sensitivity to oil prices could curb further escalation. “I think Trump is concerned that if oil prices rise to $70–80, he will be in an even tougher position ahead of the midterm elections,” he said.