US President Donald Trump says Iran talks to begin Monday after canceling attack

On Monday, US President Donald Trump announced that discussions with Iran would commence, following his decision to cancel a planned attack on the country. The cancellation was partially due to pressure from US allies, such as Saudi Arabia. Trump stated that the attack would have been the most significant since World War II. He expressed his intention to negotiate a deal instead of resorting to violence, adding that he was not interested in causing harm.

Trump hinted at a potential agreement to reopen the Strait of Hormuz and mentioned his ongoing efforts to address Iran's nuclear program. At the time of the announcement, the West Texas Intermediate (WTI) oil price had decreased by 6.72% to $79.38 per barrel. WTI oil, a high-quality crude oil primarily sourced in the United States, is a benchmark for the oil market, often quoted in the media.

The price of WTI oil is influenced by factors such as global growth, political instability, wars, sanctions, and decisions made by OPEC and its expanded group, OPEC+. The value of the US dollar also plays a role in determining the price of WTI crude oil, as oil is predominantly traded in US dollars. The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) can impact the price of WTI oil, with changes in inventories indicating shifts in supply and demand.

OPEC's decisions on production quotas can also significantly affect WTI oil prices, with reductions in quotas tightening supply and pushing up prices, while increases in production have the opposite effect.