Oil prices plunge, markets rally as Trump cancels Iran strikes

Oil prices plunged and European markets rallied after Donald Trump cancelled planned strikes on Iran, saying peace talks could resume. Brent crude fell 5% to $83.47 a barrel, while US benchmark West Texas Intermediate dropped 5% to $79.47. The drop follows a 20% July surge fuelled by US-Iran fighting and tanker attacks. Opec+ approved a modest output increase, though supply disruptions limit its effect.