Oil prices fell shortly after Asian markets opened on Monday following US President Donald Trump’s announcement that new negotiations with Iran would begin during the day to end the Middle East war and reopen the Strait of Hormuz.
The announcement eased concerns over potential disruptions to global energy supplies, putting pressure on crude prices.
Brent and WTI decline
Shortly before 2am Cyprus time, the price of North Sea Brent crude for September delivery fell by 4.69% to $83.81 per barrel.
The US benchmark West Texas Intermediate (WTI) also dropped by 4.67%, reaching $80.72 per barrel.
Markets have been closely monitoring developments around the Strait of Hormuz, a key route for global oil shipments, amid rising tensions in the region.
Also read: Trump says Iran talks set to resume on Monday
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