Oil prices plunge as reports say Trump is willing to give diplomacy more time to resolve the Iran issue.

Oil prices fell after reports that US President Donald Trump wants to allow more time for diplomacy before a possible resumption of strikes on Iran after Tuesday's midterm elections. Brent crude dropped more than 3%, falling below $110 a barrel and erasing all of Friday's gains; West Texas Intermediate also fell below $101 a barrel. Axios reported, citing unnamed people, that Trump told Israeli Prime Minister Benjamin Netanyahu in a phone call that he favored a diplomatic path, a strategy that concerned Netanyahu. The US and Israel jointly struck Iran at the end of February, triggering the war. US Secretary of State Marco Rubio said on Saturday that no decision had yet been made on a new round of strikes and that Trump favored resolving the conflict through diplomacy. Although ships near the Strait of Hormuz continue to be attacked, efforts to push for negotiations have eased market concerns about a resumption of hostilities.