Oil prices drop 5% after Trump halts new strikes on Iran

Oil prices fell 5% on Sunday after President Donald Trump said he would order U.S. forces to hold off on new strikes against Iran, citing a possible deal to end a conflict lasting more than five months. U.S. crude dropped to $80.79 a barrel and Brent to $83.87. The fighting had trapped tankers near the Strait of Hormuz, pushing prices above $100 in the spring and raising costs for gasoline, jet fuel and diesel.