Oil prices drop as Trump postpones military action against Iran, aiming for a nuclear deal amid rising production quotas.

Oil prices fell sharply Sunday after President Donald Trump said he would order U.S. forces to hold off on new strikes against Iran.

Oil prices dropped over 6% after Trump canceled the Iran attack for a nuclear deal. Oil reaching new highs by September at 4.3% YES.

Brent crude futures fell $4.37, or 5%, to $83.56 a barrel, while U.S. West Texas Intermediate crude declined $4.63, or 5.5%, to $80 a barrel.