NEW YORK: Oil prices fell about seven per cent to a three-week low on Monday after US President Donald Trump held off on a fresh attack on Iran in the hope of sealing a quick deal that could boost oil supplies from the Gulf.

Front-month Brent futures fell $6.35, or 7pc, to settle at $83.77 a barrel, while US West Texas Intermediate (WTI) crude fell $4.33, or 5.1pc, to settle at $80.34. That was the lowest close for Brent since July 13, due in part to the start of the less expensive October futures as the front-month after the more expensive September contract expired on Friday.

Brent prices for October were down 4.7pc from where the October contract closed on Friday.

Published in Dawn, August 4th, 2026