US-Iran war, July 28 -- Oil prices extended their sharp decline on Tuesday, 28 July, after President Donald Trump said the United States and Iran were holding talks aimed at ending the conflict in the Middle East.

West Texas Intermediate (WTI) crude slipped below $82 a barrel after plunging more than 7% on Monday, while Brent crude recorded its biggest one-day decline in over three months, settling near $88 a barrel.

President Donald Trump said he had decided to pause military strikes against Iran to allow diplomatic efforts another opportunity, Axios was quoted as saying by Bloomberg. However, it remains uncertain whether the two sides have engaged in any meaningful negotiations.

Crude oil prices have witnessed sharp swings this month...