Oil prices fell over 4% in Asia trading as investors pared geopolitical risk premiums after President Donald Trump said he had called off a planned strike on Iran. West Texas Intermediate futures for September delivery declined 4.5% to $80.89 per barrel, while Brent crude futures for October delivery lost 4.4% to $84.10. Trump said he called off the strike after receiving a request from Tehran and other Middle Eastern countries. The proposed agreement would include the immediate opening of the Hormuz Strait and an end to Iran’s nuclear threat, according to Trump. Iran responded cautiously, with acting Defense Minister Seyyed Majid Ibn Al-Reza calling U.S. statements part of a psychological and cognitive warfare campaign.
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