Oil prices drop after Trump cancels attack on Iran to seek nuclear deal

LONDON, Aug 3 : Oil prices fell more than $4 a barrel on Monday after U.S. President Donald Trump held off a fresh attack on Iran as he sought a quick deal that would halt Tehran's nuclear ambitions and reopen the Strait of Hormuz.Brent crude futures fell $4.23, or 4.8 per cent, to $83.70 by 1011 GMT, having retraced some losses from a three-week low hit earlier in the session. U.S. West Texas Intermediate crude was at $79.60 a barrel, down $5.07, or 6 per cent. Both benchmarks marked their biggest daily falls in absolute and percentage terms since last Monday.Both contracts had jumped more than 20 per cent last month after fighting between the U.S. and Iran resumed and attacks on several tankers around Oman heightened security concerns, deterring shippers from entering the Gulf to load oi