Oil prices drop after Trump says he has delayed Iran strike

TEHRAN, Iran — Global oil prices fell sharply on Monday after U.S. President Donald Trump said he had postponed a new military strike on Iran. Trump said the action was being held back to give room for a rapid agreement on Iran's nuclear program, adding that Tehran and some Middle East countries had asked for time to pursue a deal aimed at ending the nuclear threat and fully reopening the Strait of Hormuz. Brent crude dropped 5.11% to $83.44 a barrel, while West Texas Intermediate fell 5.79% to $79.77. The OPEC+ alliance, meanwhile, decided to raise production by around 188,000 barrels per day from September as part of a plan to phase out voluntary supply cuts. Shipping data showed two vessels carrying Saudi crude transited the Bab el-Mandeb Strait over the weekend, while traffic through the Strait of Hormuz remained slowed by security concerns following recent attacks on some ships in the waterway.