India, June 12 -- Oil prices slumped over 4 percent on Friday after U.S. President Donald Trump called off new military strikes on Iran and said a peace deal could be signed in a few days, helping ease fears of escalation.
According to Iran's Mehr News Agency, a memorandum on resolving the conflict consists of 14 points and includes a set of coordinated provisions.
Brent crude futures for August delivery plunged 4.2 percent to $86.56 a barrel, while WTI crude futures for July delivery were down 4.3 percent at $83.95.
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