Oil prices plunged as much as 7% on Monday after US President Donald Trump postponed an attack on Iran and backed negotiations aimed at reopening the Strait of Hormuz. Brent crude pared its decline to trade 5.11% lower at $83.44 a barrel by 4.08am GMT, while West Texas Intermediate fell 5.79% to $79.77. Both benchmarks had gained more than 20% in July as fighting and tanker attacks restricted shipping around the Gulf. OPEC+ added to the bearish mood by approving a September production-quota incr