New York, August 03 (QNA) - Oil prices settled about 7 percent lower today, falling to their lowest level in three weeks, after US President Donald Trump postponed a new attack on Iran in an effort to reach a swift agreement that would end the war and reopen the Strait of Hormuz.

Brent crude futures fell $6.35, or 7.0 percent, to settle at $83.77 a barrel.

US West Texas Intermediate (WTI) crude declined $4.33, or 5.1 percent, to settle at $80.34 a barrel, while Brent posted its lowest closing level since Jul. 13. Earlier today, data released by the US Department of Energy showed that crude oil inventories in the US Strategic Petroleum Reserve had fallen to their lowest level since 1983. The decline comes after the United States approved the release of 172 million barrels from the reserve. (QNA)