International crude oil prices fell by more than $4 a barrel on Sunday after US President Donald Trump canceled a planned military strike on Iran's energy infrastructure.
Brent crude dropped $4.08, or 4.64%, to $83.85 per barrel on August 2.
US West Texas Intermediate crude fell $4.01, or 4.74%, to $80.66 per barrel.
The drop followed a month of sharp gains, when both benchmarks rose more than 20% after the US resumed strikes on Iran and Iranian forces attacked oil tankers off the coast of Oman.
Market analysts said the reduced prospect of a major Middle East conflict has temporarily lowered the risk of supply disruption, easing price pressure.
Experts cautioned that the Middle East remains unstable, and that new military or political tension involving the US, Iran, and could again destabilize the international energy market.