Oil prices fall 1% as investors weigh pause in US strikes on Iran

Brent crude fell 0.6 percent to 87.82 dollars a barrel while WTI dropped 0.8 percent to 81.95 dollars per barrel, after hitting lows not seen in over a week. The decline followed US President Donald Trump's statement that the US was having productive talks with Iran and considering a pause on strikes, easing geopolitical tensions. Analysts note Strait of Hormuz traffic has dropped significantly with crude flows averaging 2.9 million barrels a day in the week ended July 24 versus 5.9 million the prior week.