According to CoinMeta, the price of Brent crude oil fell by 5.1% on Monday to $83.44 per barrel, while West Texas Intermediate (WTI) crude oil fell by 5.8% to $79.77 per barrel. This decline occurred after U.S. President Donald Trump decided to suspend planned attacks on Iran, and the market interpreted it as potentially facilitating safe oil transportation through the Strait of Hormuz. Although diplomatic optimism alleviated supply concerns, traffic through the Strait of Hormuz remains restricted. Plus, seven member countries approved an increase in production of about 188,000 barrels per day in September, further increasing bearish pressure on the market.