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

Oil prices fell on Monday morning. According to Euronews Business, this was after OPEC+ increased production for September and US President Donald Trump called off a planned strike on Iran. Channel News Asia reported that Trump also announced fresh talks with Iran would begin later that day, covering the Strait of Hormuz and the denuclearisation of Iran.

The talks were set to start after Trump had previously threatened to attack Iran, including its energy infrastructure. He pulled back from this threat on Saturday, saying the "perimeters" of a deal were in place.

West Texas Intermediate crude oil was trading around $79.30 per barrel on Monday, nearly 7% down, according to FXStreet.

Brief written by urgent.news from Euronews Business, Channel News Asia, FXStreet, Hellenic Shipping News — 4 reports on this story. Machine-written — may contain errors; check the original before relying on it.