Oil prices drop following Trump's decision to cancel Iran strike
Crude oil values dipped toward the $80 per barrel mark following a sharp daily decline of more than 7%. Brent crude futures for October dropped 7.3% to settle at $81.55 a barrel, following a nearly 25% spike in July—the largest monthly increase since March. Meanwhile, US WTI crude remained near $80. This market shift occurred after President Donald Trump decided to abort planned military strikes against Iran.