The price of Brent crude fell 8% to $103 per barrel on Monday at the close of European markets after U.S. President Donald Trump announced he was postponing attacks on Iranian energy targets for five days due to ongoing talks with Iran for a possible ceasefire. At the European close, Brent, Europe's benchmark crude, fell 8.03% to $103.18, according to Bloomberg data cited by EFE. Just after 12:00 in Spain (11:00 GMT), Brent had fallen by as much as 17%, hitting a low of $96 per barrel. The crude reacted to a statement from Trump, published on his social media platform Truth Social, in which he stated that the U.S. and Iran have held 'very positive and productive' talks over the past two days to resolve all hostilities in the Middle East. 'In light of the tone of these deep, detailed, and constructive talks, which will continue throughout the week, I have instructed the Department of War to postpone all military attacks against Iranian power plants and energy infrastructure for a five-day period, subject to the success of the ongoing meetings and talks,' Trump detailed. Trump's announcement caused a sharp reversal in oil prices, with Brent rising as high as $114.43 earlier on Monday. However, after Trump's statements, prices turned sharply lower, as did Texas oil (WTI), which fell 7.3% to $91.09 at the end of trading on European exchanges. Meanwhile, natural gas for delivery in one month on the Dutch TTF market, Europe's benchmark, closed down 5.6% at 56.03 euros per megawatt-hour (MWh).
