Oil declines 5% after Trump cancels Iran attack
Oil prices fell by about 5% following U.S. President Donald Trump's announcement of postponing a military attack intended against Iran. Brent crude dipped to $83.52 per barrel, while West Texas Intermediate declined by 6.1% to $79.49. This decrease occurred despite Iran's denial of any ongoing negotiations with Washington. The decline coincided with OPEC+ agreeing to increase production quotas by approximately 188,000 barrels per day starting in September, amid ongoing disruptions in oil exports from the Gulf, Russia, and Kazakhstan. Additionally, markets experienced a rise in gold prices and stability in the dollar, amid anticipation of potential positive developments in the diplomatic scene between the U.S. and Iran.
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