Mumbai, Aug. 3 -- Crude oil prices plunged nearly 7% to below $79 per barrel in Asian electronic trade on Monday after US President Donald Trump called off a planned military strike against Iran and announced that fresh talks would begin, reviving hopes of a diplomatic resolution and the reopening of the Strait of Hormuz. The decline comes after oil prices had rallied nearly 25% last month amid renewed US-Iran hostilities and supply disruptions across the Strait of Hormuz and the Red Sea. Adding to the downward pressure, major OPEC+ producers approved another modest increase in production quotas, completing the planned restoration of output cuts introduced in 2023 and leaving scope for further supply increases once tensions ease. On the MCX...