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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An agreement between Iran and the U.S. to reopen the Strait of Hormuz is expected "soon," a U.S. official has said. The deal would result in the resumption of commercial shipping through the sea passage and the lifting of an American naval blockade on Iranian ports.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 8th of August, covering the latest developments.
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