Oil Prices Drop 5% Following Trump's Announcement of Imminent Iran Deal

Oil prices declined by nearly five percent this morning after President Donald Trump announced that an understanding had been reached with Iran concerning the conflict in the Middle East, although Tehran stated it has not yet finalized its decision on the matter.

The price of Brent crude from the North Sea dropped to $85.86 per barrel, reflecting a five percent decrease.

West Texas Intermediate crude also fell by a similar percentage, reaching $83.32 per barrel.