US-Iran war, Aug. 3 -- Oil prices declined after US President Donald Trump announced that fresh talks with Iran would begin on Monday, following his decision to call off a planned military strike against the Islamic Republic.

Brent crude for October delivery fell as much as 7.3% during early Asian trading, after posting its biggest monthly gain since March with a nearly 25% surge in July. Meanwhile, West Texas Intermediate (WTI) crude traded below $81 a barrel.

US President Donald Trump said on Sunday aboard Air Force One that he had cancelled a planned large-scale military strike on Iran after key Middle Eastern allies, including Saudi Arabia, urged Washington to prioritise diplomacy. He added that the attack was called off on the cond...