Oil prices tumbled on Monday as U.S.-Iran tension eased and OPEC+ approved an oil production increase of 188000 barrels per day for September 2026, completing the planned unwinding of a major round of supply cuts introduced in 2023.
Brent crude futures slumped 4.7 percent to $83.80 a barrel after surging over 20 percent in July. WTI crude futures were down 5.7 percent at $79.86.
U.S. President Donald Trump cancelled planned military strikes on Iran and said there is a ‘good chance’ of progress in talks aimed at ending months of fighting, helping ease supply disruption concerns.
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Oil Prices Slump As Traders Eye US-Iran Peace Talks
2026-08-03 09:34:17
