Oil drops 5% after Trump cancels attack on Iran

Oil prices fell by more than 5% after U.S. President Donald Trump suspended a new attack on Iran in an effort to reach a swift deal that would curb Tehran’s nuclear ambitions and lead to the reopening of the Strait of Hormuz. Brent crude futures dropped $5.52, or 6.28%, to $82.41 per barrel. West Texas Intermediate crude futures fell $5.27, or 6.22%, to $79.40 per barrel.