Oil prices were lower on Monday morning after OPEC+ boosted production for September and US President Donald Trump called off a planned strike on Iran, putting downward pressure on prices.

Crude oil prices plunged in the perpetual futures market after President Trump eased fears of an imminent escalation with Iran.

TOKYO/SINGAPORE: Oil prices tumbled $4 a barrel on Monday after US President Donald Trump held off on a fresh attack on Iran, seeking to reach a quick deal that would halt…

Brent crude futures fell $4.37, or 5%, to $83.56 a barrel, while U.S. West Texas Intermediate crude declined $4.63, or 5.5%, to $80 a barrel.

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.

At 9.28 am on Monday, October Brent oil futures were at $83.49, down 5.05%, and September crude oil futures on WTI were at $79.70, down 5.85%