Oil tumbles as Trump cancels attack on Iran to reach deal aimed at reopening Hormuz

Oil prices tumbled more than $4 a barrel on Monday after US President Donald Trump held off on a fresh attack on Iran, seeking to reach a quick deal that would reopen the Strait of Hormuz. Brent crude futures slid $4.49, or 5.11 per cent, to $83.44 by 0408 GMT while US West Texas Intermediate crude was at $79.77 a barrel, down $4.90, or 5.79pc. Both contracts jumped more than 20pc last month after fighting between the US and Iran resumed and as attacks on several tankers around Oman heightened security concerns, deterring shippers from entering the Gulf to load oil. In a sign of de-escalation, Trump said late on Saturday on his Truth Social platform that Iran and other Middle Eastern…