LONDON, - Brent crude futures continued tumbling after settlement on Monday to lose more than $7 a barrel, hitting their lowest since late August, after US President Donald Trump downplayed the likelihood of renewed strikes on Iran.
Brent crude futures settled down $5.75, or 5.85%, at $92.57 a barrel. Prices continued falling after settlement, and were last down more than $7 a barrel.
US West Texas Intermediate futures settled down $3.98, or 4.38%, to $86.85. US crude futures also continued falling, last down more than $5 in post-settlement trade.
The Brent benchmark plunged by 16% last week, its steepest weekly drop since the start of the COVID-19 pandemic.
On Sunday, Trump said he was highly unlikely to order fresh attacks on Iran as long as talks to end the conflict progressed. Still, both countries reported that shipping had been hit in or near the Strait of Hormuz.