Global oil prices, after weeks of fluctuations caused by heightened tensions between the United States and the Islamic Republic, fell significantly at the start of Monday trading.

Brent crude fell by about 4.8% and traded at $83.73 per barrel. West Texas Intermediate (WTI) crude oil also fell by more than five percent, trading in the range of $80.34.

The decline came after U.S. President Donald Trump said that a planned attack on the Islamic Republic had been postponed and that new negotiations would begin.