An oilfield crew, contracted by the Railroad Commission of Texas (RRC), works a service rig during a state-funded oil well plugging operation in Midland, Texas, US, on Thursday, Sept. 25, 2025. <\/p>\n
Eli Hartman | Bloomberg | Getty Images<\/p>\n
Oil prices fell Monday in Asia trading as investors pared geopolitical risk premiums after U.S. President Donald Trump said he had called off a planned strike on Iran<\/a>.<\/p>\n West Texas Intermediate<\/a> futures for September delivery declined 4.5% to $80.89 per barrel. Brent crude<\/a> futures for October delivery lost 4.4% to $84.10 a barrel.\u00a0<\/p>\n Trump said early Sunday that he had called off a planned strike on Iran after receiving a request from Tehran and other countries in the Middle East.\u00a0<\/p>\n “We have just been asked by Iran, and other Middle Eastern Countries, to hold off any attack in that the perimeters of a deal has been agreed to,” Trump said in a Truth Social post.<\/p>\n He said the proposed agreement would include the “Immediate, Complete, and Total OPENING OF THE HORMUZ STRAIT, and an end to Iran’s nuclear threat.”<\/p>\n Trump has reportedly been weighing another round of strikes on Iran amid fading prospects for a diplomatic resolution to the conflict, which began on Feb. 28. <\/p>\n Tehran responded cautiously to Trump’s announcement.<\/p>\n “Although the enemy’s recent statements are part of a psychological and cognitive warfare campaign, we consider every threat to be real and take it seriously,” said Seyyed Majid Ibn Al-Reza, Iran’s acting defense minister, according to a state media post on X.<\/p>\n Iran’s Fars International news agency, which is affiliated with the Islamic Revolutionary Guard Corps, dismissed Trump’s proposal, saying in a Telegram post on Sunday that his demands amounted to a “wish list.”<\/p>\n \u2014 CNBC’s Azhar Sukri and Terri Cullen contributed to this report.<\/p>\n