Oil prices tumbled on Monday after Donald Trump announced the cancellation of a planned strike on Iran. West Texas Intermediate futures fell more than 6% to $79.10 per barrel, while Brent crude futures dropped over 5% to $82.99.

Trump explained that he had halted the attack after receiving requests from Iran and other Middle Eastern countries, citing a new agreement that would include the Hormuz Strait opening and an end to Iran’s nuclear threat.

Iran’s acting defense minister, Seyyed Majid Ibn Al-Reza, dismissed the proposal, warning that every threat should be taken seriously and labeling the demands a “wish list.”