Oil prices drop 7pc
NEW YORK: Oil prices fell about seven per cent to a three-week low on Monday after US President Donald Trump held off on a fresh attack on Iran in the hope of sealing a quick deal that could boost oil supplies from the Gulf. Front-month Brent futures fell $6.35, or 7pc, to settle at $83.77 a barrel, while US West Texas Intermediate (WTI) crude fell $4.33, or 5.1pc, to settle at $80.34. That was…
Oil prices have dropped by 7pc to a three-week low, according to a report by Dawn Business on August 4th, 2026. The front-month Brent futures fell by $6.35, or 7pc, to settle at $83.77 a barrel, while US West Texas Intermediate (WTI) crude fell by $4.33, or 5.1pc, to settle at $80.34. This decline was attributed to US President Donald Trump's decision to hold off on a fresh attack on Iran, in hopes of sealing a quick deal that could boost oil supplies from the Gulf.
The drop in Brent prices for October was down 4.7pc from where the October contract closed on Friday.
Brief written by urgent.news from Dawn Business's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
