📉 Global Oil Prices Plunge 5% as US Halts Iran Strike Plans

• Price Movements & Market Figures: - Brent crude fell 5.07% to US$ 83.47 per barrel. - West Texas Intermediate (WTI) futures dropped 5.88% to US$ 79.77 per barrel. - The drop unwinds part of July's +20% price surge caused by Middle East conflict and Red Sea shipping fears. • Key Market Drivers: - US President Trump called off planned military strikes on Iran following regional diplomatic interventions. - Iran is finalizing negotiations with Oman for revised shipping arrangements through the Strait of Hormuz. - OPEC+ approved a production quota increase of ~188,000 barrels per day (bpd) for September. • Impact on Shipping & Logistics and Fuel & Energy: - Two Saudi oil tankers transited the Bab el-Mandeb Strait, though 3 new tanker attacks highlight ongoing maritime risks. - Easing crude benchmarks offer potential relief to net energy importers like Sri Lanka by reducing pressure on the national fuel & energy import bill and trade deficit.