US President Donald Trump has downplayed the weekend's threat of a major regional war by Iran's Supreme Leader Ayatollah Ali Khamenei. Trump says he believes in a deal between oil-rich Iran and the United States after a period of heightened tension between the countries.
The price of Brent crude, a benchmark in the oil market, fell more than 5 percent to below $66 per barrel. This compares with the annual highs of over $70 per barrel last week.
The price of natural gas on the Amsterdam Commodity Exchange fell 12 percent to $34 per megawatt-hour.
Metal prices have also fallen broadly in turbulent trading since Trump last week nominated Kevin Warsh to be the next chair of the US Federal Reserve.
