Oil Prices Plummet Amid Trump's Iran Deal Bid

Oil prices plummeted more than $4 a barrel on August 3 after US President Donald Trump announced that he had called off a fresh attack on Iran. The move was seen as an attempt to reach a quick deal that would halt Tehran's nuclear ambitions and reopen the Strait of Hormuz.

Brent crude futures fell by 5.29% to $83.28, while US West Texas Intermediate crude dropped by 6.14% to $79.47 a barrel. This decline comes after oil prices surged over 20% in July due to increased tensions between the US and Iran.

IG market analyst Tony Sycamore stated that 'the bigger focus is whether this week turns into a rinse and repeat of last week' with hopes for a deal collapsing as Iran continues to leverage its control over the strait.