Oil prices fell about 5% to a three-week low on Monday after U.S. President Donald Trump held off on a fresh attack on Iran in the hope of sealing a quick deal that could boost oil supplies from the Gulf.
Brent futures fell $4.41, or 5.0%, to $83.52 a barrel at 10:39 a.m. EDT (1439 GMT), while U.S. West Texas Intermediate (WTI) crude fell $5.18, or 6.1%, to $79.49.
That put Brent on track for its lowest close since July 13.
Iran said on Monday there were no talks under way 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.
Over the weekend, Trump repeated a pattern that has emerged throughout the past five months: announcing plans for "massive attacks" on Iran, only to cancel them at the last minute.
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Sunday Trump announces new talks.
Monday market opens higher
Monday Iran says there are no talks.
Rinse and repeat.