After U.S. President Donald Trump style="font-size:14.0pt; line-height: 107%; font-family: "Bookman Old Style”, serif"> a declared that Iran was “in serious talks” with Washington, reporting a de-escalation with an OPEC member style="font-size:14.0pt; line-height: 107%; font-family: "Bookman Old Style”, serif">, oil prices fell by almost 5% on Monday and were heading for their steepest drop in a single session in more than 6 months.

The price of Brent crude oil was down by 3.38 dollars, or 4.9%, to 65.94 dollars per barrel at 05:28 GMT.

The price of West Texas Intermediate Crude Oil American fell by 3.33 dollars, or 5.1%, to 61.88 dollars the barrel.

Both contracts have fallen compared to their multi-monthly summits, the risks of a military strike against Iran having subsided after Trump's statements over the weekend