Trump postpones attack on Iran, oil prices immediately fall on global markets

Global oil prices fell after US President Donald Trump announced he had postponed a major military strike on Iran, due to ongoing negotiations with Tehran.

Brent crude, the global market benchmark, fell about 2% overnight, falling below $110 a barrel.

In a post on "Social Truth," Trump said he had called off the attack at the request of Gulf countries and because of what he called "serious negotiations" with Iran.

Tensions between the US and Iran have caused strong fluctuations in energy markets in recent weeks, especially after threats to block the Strait of Hormuz, a key route for the transport of oil in the world.

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