According to CoinMeta, oil prices fell by more than 4% during Asian trading on Monday due to U.S. President Donald Trump's announcement of the cancellation of planned strikes against Iran. The September futures price of West Texas Intermediate crude oil (WTI) dropped by 4.5%, to $80.89 per barrel, and the October futures price of Brent crude oil fell by 4.4%, to $84.10 per barrel. Trump stated on social media that Iran and other Middle Eastern countries had requested him to suspend the attacks, saying, "We have just been asked by Iran and other Middle Eastern countries to pause any attacks because a framework for an agreement has been reached." He mentioned that the proposed agreement would include "an immediate, complete, and thorough opening of the Strait of Hormuz, as well as an end to Iran's nuclear threat." Trump is reportedly considering another round of strikes against Iran, despite the diminishing prospects for a diplomatic resolution to the conflict. Iran responded cautiously to Trump's statement, calling it "part of a psychological and cognitive warfare by the enemy, and we take every threat seriously."