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TOKYO: Oil prices tumbled on Monday in early Asian trade after US President Donald Trump announced fresh talks with Iran to end the Middle East war and reopen the Strait of Hormuz.
The war, which began in late February when the US and Israel attacked Iran, has caused oil prices to swing sharply as it effectively closed the waterway, a vital route for global oil and gas supplies.
At around 2250 GMT on Sunday, the price of a barrel of Brent North Sea, the benchmark international oil contract, for September delivery was down 4.69 per cent at $83.81.
Its American equivalent, West Texas Intermediate, fell 4.67 per cent to $80.72.
Trump said on Sunday that fresh negotiations with Iran will begin on Monday after holding off on major strikes against the Islamic Republic to pursue a deal.
"Now what we're doing is we're talking to them in the form of a negotiation. It begins tomorrow afternoon," he said, without providing further details of the venue of the talks or the participants.
Hours after the US had called off major strikes, Iran on Sunday said it was nearing a deal with Oman over a new route through the Strait of Hormuz.
