Crude oil futures declined by more than 5 per cent on Monday morning after US President Donald Trump put a planned strike on Iran on hold to pave the way for peace talks.At 9.28 am on Monday, October Brent oil futures were at $83.49, down by 5.05 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $79.70, down by 5.85 per cent. August crude oil futures were trading at ₹7620 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹8113, down by 6.08 per cent, and September futures were trading at ₹7454 against the previous close of ₹7839, down by 4.91 per cent.In a weekend post on Truth Social, Trump said: “The U.S.A. is locked and loaded and ready to go against the Islamic Republic of Iran, at levels of Military Terror, Strength, and Power not seen since World War II. Despite this, we have just been asked by Iran, and other Middle Eastern Countries, to hold off any attack in that the perimeters of a deal has been agreed to. This would include the Immediate, Complete, and Total OPENING OF THE HORMUZ STRAIT, and an end to Iran’s nuclear threat.“Based on this request, I have agreed, for the future benefit of the WORLD and, likewise, the survival of a successful and prosperous Iran, to cancel the attack, subject to being able to rapidly make a DEAL. The Country of Israel joins me in this commitment.”Meanwhile, the Organization of the Petroleum Exporting Countries, and allies, known as OPEC+ has decided to increase the production output by 188,000 barrels a day from September.An OPEC press statement said that the seven participating countries decided to implement a production adjustment of 188,000 barrels per day from the additional voluntary adjustments announced in April 2023. This adjustment will be implemented in September 2026.The seven OPEC+ countries noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The seven countries confirmed their intention to fully compensate for any overproduced volume since January 2024.Published on August 3, 2026