Oil prices lower on Middle East hopes and as OPEC+ boosts production

Oil prices were lower on Monday morning. This was after OPEC+ announced it would boost production for September. US President Donald Trump also called off a planned strike on Iran, which put downward pressure on prices.

The US-Iran conflict has been causing significant global oil price fluctuations. According to Euronews and FXStreet, Trump said he was holding off on delivering new strikes on Iran in order to reach a deal on its nuclear programme and the reopening of the Strait of Hormuz.

Iran's semi-official Mehr news agency, as reported by FXStreet, denied that Tehran had asked Washington to hold off on further military action, saying Trump's claims were "nothing but a new lie".

Brief written by urgent.news from Euronews, ABC News AU, FXStreet — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.