Oil prices fell Monday in Asia trading as investors pared geopolitical risk premiums after U.S. President Donald Trump said he had called off a planned strike on Iran.
West Texas Intermediate futures for September delivery declined nearly 6% to $79.57 per barrel as of 3:33 a.m. ET. Brent crude futures for October delivery lost 4.88% to $83.64 a barrel.
Trump said early Sunday that he had called off a planned strike on Iran after receiving a request from Tehran and other countries in the Middle East. "We have just been asked by Iran, and other Middle Eastern Countries, to hold off any attack in that the perimeters of a deal has been agreed to," Trump said in a Truth Social post.
He said the proposed agreement would include the "Immediate, Complete, and Total OPENING OF THE HORMUZ STRAIT, and an end to Iran's nuclear threat."
