Oil settles down 7.2% after Iran attacks U.S. military base in Qatar

Global oil prices settled down more than seven percent on Monday, after Iran took no action to disrupt oil and gas tanker routes in the Strait of Hormuz,.. but instead attacked a U.S. military base in Qatar in retaliation for Washington's attack on its nuclear sites.

Both the Brent crude futures and the U.S. West Texas Intermediate futures for August, fell around 7-point-2 percent.

Brent crude futures are trading at 71 dollars 48 cents a barrel, while the WTI futures are trading at 68 dollars and 51 cents a barrel.

Meanwhile, U.S. President Donald Trump on Monday took to his social media platform to demand that "everyone" keep oil prices down.

He said that raising oil prices would mean playing "into the hands of the enemy."