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Trump's Call Off Strikes Causes Oil Prices to Plummet

Guavy AI Editorial Team Published August 3, 2026

Instruments

Oil

Oil prices plummeted after President Donald Trump announced that US forces would hold off on new strikes against Iran.

The decision comes as a resolution to the conflict in the Middle East is near, according to Trump.

The price of US crude oil fell 5% to $80.79 per barrel Sunday night, while Brent crude dropped 5% to $83.87 per barrel.

The conflict has lasted over five months and has caused oil shippers to be trapped in the Persian Gulf.

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