Brent tumbles 7.3% as Trump pauses Iran attack, revives talks
Why it matters: A Hormuz reopening could ease pressure on oil and LNG flows after July's war-driven price surge.
Oil prices fell sharply in Asian trading after US President Donald Trump pulled back from a planned attack on Iran and said fresh talks would start Monday. Brent crude for October dropped as much as 7.3% to $81.55 a barrel, while West Texas Intermediate traded near $80. The move followed a volatile July, when Brent futures surged by almost a quarter and swung through about a $32 range as fighting disrupted the region. Trump said he canceled the strike after pressure from Middle East allies, including Saudi Arabia, to pursue a deal to quickly reopen the Strait of Hormuz. Iran's Foreign Minister Abbas Araghchi said negotiations with Oman were in the final stages. European gas futures also fell, even as tanker traffic through Hormuz remained uncertain after a Qatar LNG shipment was hit last week.