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.
Cuba faced another nationwide blackout after its electricity grid failed, deepening an energy crisis tied to fuel shortages and U.S. sanctions....
The Japanese yen strengthened on Monday after Japan and the United States confirmed a rare coordinated currency intervention to halt the currency's sl...
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 3rd of August, covering the latest developments....
A tourist aircraft crashed near Peru's UNESCO-listed Nazca Lines on Saturday (1 August), killing all 13 people on board, authorities said.
U.S. President Donald Trump said late on Saturday he would hold off on a fresh attack on Iran as long as a deal could be reached quickly to halt Iran's nuclear ambitions and reopen the Strait of Hormuz.
Two firefighting helicopters collided while battling a major wildfire in Greece on Sunday, killing two crew members as emergency services continued efforts to contain fires fuelled by extreme heat and dry conditions across Europe.
French Prime Minister Sebastien Lecornu said wildfires that swept across France were now under control. Authorities warned that risks remained as Greece and Spain continued battling active blazes across parts of Europe.
Apple Pay has launched in Kyrgyzstan and Tajikistan, expanding digital payment services across Central Asia and supporting the region's shift towards cashless transactions.
Cuba faced another nationwide blackout after its electricity grid failed, deepening an energy crisis tied to fuel shortages and U.S. sanctions.
The Japanese yen strengthened on Monday after Japan and the United States confirmed a rare coordinated currency intervention to halt the currency's slide following weeks of pressure.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 3rd of August, covering the latest developments.
At least eight people were killed in overnight Ukrainian drone strikes across Russia, regional officials said, as Kyiv expanded attacks on infrastructure.
Israeli airstrikes across Gaza have killed at least 18 Palestinians, according to Palestinian health officials, as efforts to advance a ceasefire plan face renewed challenges.
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