Oil Prices Slump as US-Iran Peace Talks Resume

Oil prices took a hit on Monday as the US and Iran agreed to resume peace talks. The development led to a decline in crude oil prices, with WTI dropping by 4% to $80 per barrel after surging over 20% in July.

The Brent price also slipped by more than 4% to around $84 per barrel after rising by over 20% in July.

US President Donald Trump announced that peace talks with Iran would resume, citing pressure from key Middle Eastern allies, including Saudi Arabia, to prioritize negotiations.

The renewed conflict between the US and Iran has heightened risks to key shipping routes, particularly through the Strait of Hormuz, which has been a major source of supply disruptions in recent months.