London, Aug. 3 (SANA) Oil prices fell more than 5% in early Asian trading on Monday after U.S. President Donald Trump announced he had suspended a planned military strike against Iran, easing concerns over a potential disruption to global oil supplies.
Trump said the decision was intended to allow time for negotiations on Iran’s nuclear program and efforts to reopen shipping through the Strait of Hormuz, a key route for global crude exports.
According to Reuters, Brent crude futures fell $5.52, or 6.28%, to $82.41 a barrel, while U.S. West Texas Intermediate (WTI) crude dropped $5.27, or 6.22%, to $79.40 a barrel.
The sharp decline followed a shift toward diplomacy after tensions between Washington and Tehran had fueled expectations of a possible U.S.-Israeli military strike. On Sunday, Trump announced he was suspending the planned operation, saying the move would provide an opportunity for renewed negotiations.
R.A/ ABD
