Oil prices drop more than 5% after Trump announces new US-Iran talks

Global oil prices fell by more than 5% at the start of the new trading week as investors reacted to US President Donald Trump's announcement of new negotiations with Iran.

According to Report, citing market trading data, Brent crude for October delivery fell 5.17% from the previous close to $83.38 per barrel, while WTI crude for September delivery dropped 5.92% to $79.66 per barrel.

Earlier, President Trump said that the United States had called off a military strike on Iran that had been planned for the weekend. He also announced that US and Iranian officials would hold talks later on Monday.