Crude oil prices plunged by more than 13% in midday trading on Monday, March 23, the opening session of the week, following a tweet by US President Donald Trump. The losses were later pared back, with prices rising by approximately 5%. US crude (WTI) is trading at $89.14 per barrel, down 9.2%, while Brent crude is trading at $101.01 per barrel, down about 9.97%.

The US president posted on his Truth Social account that the United States and Iran had held very productive and positive talks regarding reaching a comprehensive solution. He added that he had ordered a five-day postponement of all military strikes on Iranian power plants and infrastructure. These statements boosted risk appetite in the markets.

In contrast, the Iranian Fars News Agency quoted an Iranian source as saying that Iran had not made any direct or indirect contact with Turkey, which heightened tensions in the markets as a result of conflicting statements, and crude oil prices subsequently rose by more than 5%.