Oil prices fell sharply on Monday after U.S. President Donald Trump said talks with Iran would begin later in the day, raising hopes of easing tensions in the Middle East, while OPEC+ agreed to increase oil production for a sixth consecutive month, adding to expectations of improved global supply.
Brent crude fell more than 4 per cent to $83.88 a barrel after Trump said negotiations with Iran would take place on Monday. The U.S. president had earlier said he called off a planned military strike to allow time for talks aimed at reopening the Strait of Hormuz and addressing concerns over Tehran's nuclear programme.
The prospect of a diplomatic breakthrough helped ease fears over disruptions to one of the world's most important energy shipping routes, prompting a broad sell-off in oil.
Adding further pressure on prices, seven OPEC+ members agreed on Sunday to increase their combined oil production by 188,000 barrels per day in September compared with August levels.
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman approved the increase during a virtual meeting after reviewing global market conditions. The move marks the sixth consecutive monthly production increase as the group gradually unwinds voluntary output cuts first introduced in April 2023.
The producers said future output decisions would remain dependent on market conditions, with another meeting scheduled for 6 September to determine October production levels.
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Iran's Oil Minister Mohsen Paknejad has resigned, with Hamid Bovard, chief executive of the state-owned National Iranian Oil Company (NIOC), appointed as acting oil minister, according to Iranian state media.
Right-wing Brazilian Senator Flavio Bolsonaro will face leftist President Luiz Inacio Lula da Silva in a runoff of the presidential election later this month, after he exceeded expectations in Sunday's first-round vote with a slight lead over the incumbent.
Candidates elected to Bosnia and Herzegovina's three-member presidency declared victory after preliminary unofficial results showed Denis Becirovic leading the Bosniak seat, Darijana Filipovic ahead in the Croat seat and Zeljka Cvijanovic likely retaining the Serb seat.
Iran says the Strait of Hormuz will remain closed until the United States meets seven conditions agreed under a June memorandum, as President Donald Trump signals he may soon decide whether to resume military operations against Tehran.
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Ukrainian President Volodymyr Zelenskyy has accused Russia of a deadly drone strike on a Türkiye-owned cargo ship in the Black Sea, killing its captain and endangering a civilian crew that included Azerbaijani and Indian nationals.
Here's your AnewZ Daily Brief for 5 October 2026. These are the top five elections making headlines around the world.
The United States has withdrawn all 12 of its B-1 bombers from RAF Fairford in Britain, just a week after several people were arrested over an alleged plot targeting the air base.
Australian counterterrorism authorities are examining the links of the co-pilot accused of attacking the captain and attempting to take control of a flydubai flight bound for Israel. Authorities in New Zealand have also said they are investigating reports the suspect had spent time in that country.
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