Oil plunges as Trump declares Iran conflict 'effectively over' amid mediation efforts

Crude oil tumbled to its lowest levels since August, with Brent down 22% since late October, after U.S. President Donald Trump declared the military conflict with Iran "effectively over." Oil plunged roughly 6% to 7% on Monday following reports of a Qatari-Pakistani mediation framework that would cap Iranian uranium enrichment at 3.67% and return IAEA inspectors. Brent fell over 5.8% to near $90.99 per barrel. However, Iranian officials dismissed talks of an imminent deal as "fake news," demanding seven conditions including ending the U.S. naval blockade before reopening the Strait of Hormuz.