Oil Prices Fall on Potential Iran Deal

President Trump's weekend pause in plans to attack Iran helped oil prices on Monday. Prices for international benchmark Brent crude fell about 5% to $83 a barrel, reports the Wall Street Journal. The US benchmark, West Texas Intermediate crude, fell by a bit more than 5% to roughly $80 a barrel. Stock futures were also up—the Dow by about 400 points, or 0.75%, and the S&P 500 and the Nasdaq by more modest percentages, per CNBC. Gas prices, however, remained steady at a national average of $4.10, according to AAA, per the New York Times.

Speaking to reporters on Air Force One Sunday night, Trump said negotiations with Iran would begin Monday afternoon, reports Axios. "I was asked to by Saudi Arabia, by UAE, by Qatar, and by Iran," he said, referring to his decision to call off a pending attack. The "reason they asked is they think there's a deal. There's a deal on Hormuz, and then there will be a deal on the ... denuclearization of Iran." Tehran denies it made any such request.