Oil prices fall after Trump announces new Iran talks
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Oil prices fell sharply on Monday at the start of Asian trading after US President Donald Trump announced that new negotiations with Iran would begin to end the conflict in the Middle East and pave the way for reopening the Strait of Hormuz.
At around 22:50 GMT on Sunday, Brent crude for September delivery dropped 4.69% to $83.81 a barrel.
Meanwhile, US West Texas Intermediate (WTI) crude fell 4.67% to $80.72 a barrel.
The decline followed Trump's announcement on Saturday that the United States and Israel had agreed to suspend planned strikes on Iran, provided a rapid agreement could be reached, particularly over the future of the Strait of Hormuz.
On Sunday, Iran said it was close to reaching an agreement with Oman regarding the strategic waterway, through which about 20% of global oil supplies pass.
Trump later announced that a new round of negotiations with Iran would begin on Monday, boosting expectations of easing tensions and reducing the risk of disruptions to global energy supplies.
