Afghanistan, Aug. 3 -- Global oil prices fell sharply on Monday as traders reacted to U.S. President Donald Trump's announcement that a planned military strike against Iran had been delayed and that new negotiations would begin, reducing immediate concerns over a broader Middle East conflict and potential disruptions to global energy supplies.
Brent crude, the international benchmark for oil prices, declined about 4.8 percent in early trading to $83.73 per barrel, while U.S. West Texas Intermediate (WTI) crude dropped more than 5 percent to around $80.34 per barrel.
The decline came after weeks of market volatility driven by rising tensions between Washington and Tehran. Oil prices had repeatedly surged in recent months as investors worri...