Oil prices fell about 5 per cent to a three-week low on Monday after US President Donald Trump held off on a fresh attack on Iran.
Brent futures fell $4.19, or 4.8 percent, to $83.74 a barrel at 12:40 p.m. ET (1640 GMT), while US West Texas Intermediate (WTI) crude fell $4.92, or 5.8 per cent, to $79.75.
That put Brent on track for its lowest close since July 13 due in part to the start of the less expensive October futures as the front-month after the more expensive September contract expired on Friday.
Iran said on Monday there were no talks underway with the United States and no plans for any meetings, contradicting Trump who had cited talks he said would take place that afternoon as justification for calling off attacks.
Iran’s Foreign Ministry spokesman Esmail Baghaei rejected the claim, saying no negotiations with the United States were taking place and no meetings were scheduled.
Iran had no plans to host foreign delegations or send negotiators abroad in the coming days, he said.
