Global crude prices fell sharply on Monday after Donald Trump said he had cancelled planned US strikes on Iran and that talks on reopening the Strait of Hormuz were imminent. Brent crude dropped as much as 7.3% to $81.55 a barrel before trading around $83.47, while US West Texas Intermediate slid over 5% to $79.47. The fall followed more than 20% gains in July amid renewed US-Iran tensions and tanker attacks. UK fuel prices nonetheless climbed, with petrol reaching 160.85p per litre and diesel exceeding 180p, according to the RAC.

Prepared by Christopher Adams and reviewed by editorial team.