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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Around 11,000 people joined a demonstration in Orléans on Saturday against the National Rally congress, according to the local prefecture.
Typhoon Champi swept past Taiwan on Saturday, leaving one person dead and more than 500 injured as strong winds and torrential rain brought down trees, cut power and disrupted transport across the island.
French President Emmanuel Macron on Friday described a deadly shooting in the towns of Trappes and La Verrière, west of Paris, as a racist attack and ‘a turning point’ for the country.
Israeli forces have maintained a tight closure on Hebron in the occupied West Bank for a second day, with Palestinian media reporting home raids, mass detentions and dozens of residents forced outside following a shooting incident the day before.
German police have detained a suspect after a major fire broke out at the historic Kehlsteinhaus, known as the “Eagle’s Nest”, a mountain retreat once used by senior Nazi officials, including Adolf Hitler.
Venezuelan opposition leader María Corina Machado has returned to the South American nation almost a year after she secretly left the country to travel to Norway for the Nobel Peace Prize ceremony.
Riot police fired tear gas at protesters in France’s largest cities and more than 1,300 people were arrested during demonstrations against the rising cost of living on Saturday (24 October). Police also used a water cannon on a group of around 500 hooded youths in Paris, after the main rally ended.
Ukraine's military has been hit this month by restrictions on Starshield, the military version of SpaceX's Starlink satellite communications system. Its receivers stopped functioning when mounted on fast-moving objects such as drones, jeopardising some combat and air defence missions.
At least five people were killed and several others injured in overnight attacks across Russia and Ukraine on Sunday, 25 October, as officials reported strikes on residential areas and industrial facilities, while Moscow claimed to have targeted logistics infrastructure and a cargo vessel.
Protests against war and rising living costs took place in major Italian cities on Saturday, with some incidents of violence and clashes, a week after unrest erupted across the country.
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