Brent oil prices fall over 7% to under USD84
Brent oil prices have opened lower by over 7% to under USD84 after President Trump said the US would hold off on new strikes against Iran.
The Strait of Hormuz remains effectively closed, disrupting Persian Gulf oil exports and stoking inflation concerns.
OPEC+ approved a further increase of 188k barrels a day to collective output targets for September, completing the theoretical unwinding of the 1.65mn barrels a day in voluntary cuts made in April 2023.