Oil prices tumbled on Monday after U.S. President Donald Trump said the U.S. was postponing strikes on Iranian power plants and energy infrastructure after "very good" talks with Iran.
International benchmark Brent North Sea crude plunged more than 14 percent to $96.00 per barrel.
The main U.S. oil contract West Texas Intermediate also shed more than 14 percent to $84.37 per barrel.
Iranian media said on Monday there were no negotiations between Tehran and Washington after Trump announced talks towards ending the war.
"There are no talks between Tehran and Washington," said Mehr news agency citing Iran's foreign ministry, adding that Trump's statements were part of a push "to reduce energy prices".
Other media carried similar reports.
