7.4% to $83.41 a Barrel on Monday Morning, Extending a Slide Driven by Hopes of Renewed U.s.-iran Diplomacy and the Prospect of Higher OPEC+

The October contract had closed Friday at $90.12 after touching $90.80. West Texas Intermediate for September delivery was at $79.60. President Donald Trump said negotiations with Tehran would resume later Monday, expressing optimism about a deal that could reopen the Strait of Hormuz and address Iran's nuclear program. Trump said Saudi Arabia, the UAE, Qatar and Iran had urged him to call off a planned "large-scale attack, which he described as the biggest since World War II. "They asked us not to do it, he said.

"We're going to talk to them through negotiations starting tomorrow afternoon. Expectations of reduced supply risks from the Middle East weighed on prices, as did OPEC+'s decision to continue raising output in September. The group, comprising Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, agreed to add 188,000 barrels per day next month, with Saudi Arabia and Russia each increasing by 62,000 bpd. Iraq will add 26,000 bpd, Kuwait 16,000, Kazakhstan 10,000, Algeria 6,000 and Oman 5,000. The next OPEC+ meeting is set for September 6. Technically, Brent faces resistance at $83.75 and support at $82.97."