Oil prices fell on Monday as investors pared geopolitical risk premiums after U.S. President Donald Trump said he had called off a planned strike on Iran.

Oil prices fell sharply Sunday after President Donald Trump said he would order U.S. forces to hold off on new strikes against Iran.

Oil prices fell on Monday as investors pared geopolitical risk premiums after U.S. President Donald Trump said he had called off a planned strike on Iran.

Brent for October lost as much as 7.3% in early Asia trade, after futures surged almost a quarter in July in their biggest monthly gain since March.