The Zhitong Finance App learned that international oil prices dived sharply in early Asian trading on Monday. Earlier, US President Trump announced the cancellation of a large-scale military attack on Iran and said that negotiations aimed at reopening the Strait of Hormuz will soon resume. Meanwhile, OPEC+ approved a slight increase in production of about 188,000 b/d starting in September, officially completing a round of gradual retracement of voluntary production cuts since last year. Under the dual expectations of geographical easing and supply-side normalization, market panic suddenly cooled down.

The Zhitong Finance App learned that international oil prices dived sharply in early Asian trading on Monday. Earlier, US President Trump announced the cancellation of a large-scale military attack on Iran and said that negotiations aimed at reopening the Strait of Hormuz will soon resume. Meanwhile, OPEC+ approved a slight increase in production of about 188,000 b/d starting in September, officially completing a round of gradual retracement of voluntary production cuts since last year. Under the dual expectations of geographical easing and supply-side normalization, market panic suddenly cooled down.