President Donald Trump announced he is calling off a planned military attack on Iran. The decision comes after requests from Gulf and key Middle Eastern leaders to make room for talks with Tehran over a prospective deal.
Oil prices fell on Tuesday morning following the announcement. While prices had previously held steady as traders weighed the threat of strikes, analysts noted that markets are showing relief that tensions have not escalated.
Trump told reporters that the administration is in the final stages of negotiations with Iran. This follows a pattern of the U.S. leader making threats to resume strikes before backing off since a truce began in early April.