Oil prices swing on reports of US plan to end Middle East war

Oil prices fell sharply, dropping as much as 11%, after reports that the United States is pursuing talks with Iran to resolve hostilities in the Middle East. The price of gold in the United Arab Emirates also rose significantly, jumping over 10 dirhams, as tensions in the region escalated.

President Donald Trump signaled a possible end to the war and suggested lifting sanctions on oil. A US analyst noted the Middle East commodities crisis could temporarily increase Russia's revenues.