Oil Prices Drop After Trump Cancels Attack on Iran
Oil prices fell more than $5 a barrel after U.S. President Donald Trump decided not to launch an attack on Iran in hopes of reaching a deal, despite Tehran denying any ongoing talks or plans for negotiations. Brent crude futures dropped by over 5%, while West Texas Intermediate (WTI) crude also saw significant declines. The price drop marked the largest daily fall since early July and followed earlier volatility driven by renewed U.S.-Iran tensions and attacks on tankers in the region. Analysts noted that global oil inventories remain low, but uncertainty around regional supply disruptions continues to weigh on market stability. Meanwhile, OPEC+ approved a modest production increase for September amid ongoing export challenges from the Gulf, Russia, and Kazakhstan due to conflicts like those involving Iran and Ukraine.