Oil Prices Plummet on Easing Middle East Tensions and OPEC+ Supply Increase

Global crude oil prices plummeted over 4% on August 3, as investors reacted to reports of easing tensions in the Middle East and an increase in OPEC+ supply.

The October Brent crude futures contract fell by 4.4% to $84.10 per barrel, while the September WTI crude futures contract dropped by 4.5% to $80.89 per barrel.

The decline came after U.S. President Donald Trump reportedly decided against a planned military strike on Iran, which had been seen as a potential catalyst for increased tensions in the region.

However, Iranian Foreign Ministry spokesperson Esmail Baghaei stated that Washington does not dictate the terms or timing of conflict, emphasizing that Iran's participation in future talks will strictly align with its national interests.