London, Aug. 3 (SANA)Oil prices fell more than 5% in early Asian trading on Monday afterU.S.President Donald Trump announced he had suspended a planned military strike against Iran, easing concerns over a potential disruption to global oil supplies.

Trump said the decision was intended to allow time for negotiations onIran’snuclear program and efforts to reopen shipping through theStrait of Hormuz, a key route for global crude exports.

According to Reuters,Brent crudefutures fell $5.52, or 6.28%, to $82.41 a barrel, while U.S. West Texas Intermediate (WTI) crude dropped $5.27, or 6.22%, to $79.40 a barrel.

The sharp decline followed a shift toward diplomacy after tensions between Washington and Tehran had fueled expectations of a possible U.S.-Israeli military strike. On Sunday, Trump announced he was suspending the planned operation, saying the move would provide an opportunity for renewed negotiations.