Oil declines 4% after Trump halts Iran attack
The price of oil fell by four dollars per barrel, a decrease of 4.64%, to $83.85 for Brent crude and $80.66 for West Texas Intermediate after U.S. President Donald Trump canceled an attack on Iran, aiming to reach an agreement that would open the Strait of Hormuz and halt Iran's nuclear threat. This came amid concerns over escalating security tensions due to attacks on oil tankers, with data showing that two Saudi tankers passed through the Bab el-Mandeb Strait, while maritime traffic through the Strait of Hormuz declined. Additionally, OPEC+ approved an increase in oil production by approximately 188,000 barrels per day starting from September to reduce previous cuts.
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