
Crude oil dropped more than 4% toward $80 per barrel on Monday after surging over 20% in July, as President Donald Trump announced that peace talks with Iran will resume today after he canceled a planned military strike against the Islamic Republic. Trump said key Middle Eastern allies, including Saudi Arabia, urged him to suspend the attacks and prioritize negotiations, while reiterating his call for the swift reopening of the Strait of Hormuz. Last month, oil prices climbed about 23% after renewed hostilities between the US and Iran shattered the interim peace agreement, with supply disruptions extending from the Strait of Hormuz to the Red Sea. Meanwhile, major OPEC+ producers approved another modest increase in production quotas, completing the planned restoration of output cuts introduced in 2023 and leaving room to boost supplies further once the Middle East conflict comes to an end.





