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Oil declines following Trump Iran attack cancellation
Oil prices fell by more than four dollars per barrel after U.S. President Donald Trump postponed a new attack on Iran, aiming to reach an agreement to halt Tehran's nuclear ambitions and open the Strait of Hormuz. Brent contracts dropped to $83.85, and West Texas Intermediate to $80.66 per barrel, following gains of over 20% last month due to escalating tensions and attacks on oil tankers around Oman. Trump indicated that Iran and other countries requested a delay to finalize an agreement that would fully reopen the strait and eliminate the Iranian nuclear threat, amid ongoing tensions and the potential for further attacks. Shipping data also reported a decline in traffic through the Strait of Hormuz, with several oil tankers targeted in attacks since the end of the week. Additionally, OPEC+ agreed to increase production by approximately 188,000 barrels per day starting in September as part of the gradual rollback of some production cuts.
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