02.08.202623:19:12UTC+00Oil Falls as US-Iran Peace Talks Resume

Crude oil fell more than 4% toward $80 per barrel on Monday, pulling back after a more than 20% surge in July. The decline came as President Donald Trump announced that peace talks with Iran would resume today, following his decision to cancel a planned military strike against the Islamic Republic.

Trump said key Middle Eastern allies, including Saudi Arabia, had urged him to halt the attacks and give priority to negotiations. He also reiterated his demand for the swift reopening of the Strait of Hormuz.

Last month, oil prices climbed roughly 23% after renewed hostilities between the US and Iran disrupted an interim peace agreement, triggering supply interruptions from the Strait of Hormuz to the Red Sea.

At the same time, major OPEC+ producers approved another modest increase in production quotas, completing the planned rollback of output cuts introduced in 2023. This decision preserves the option to raise supplies further once the conflict in the Middle East is resolved.