Trump's Delayed Iran Attack Sends Oil Prices Plummeting

Oil prices plummeted by over $4 a barrel on August 3 as US President Donald Trump's decision to delay a potential attack on Iran sent shockwaves through global markets.

The price of Brent crude futures dropped by 5% to $83.56 a barrel, while West Texas Intermediate crude fell by 5.5% to $80 a barrel.

The sharp decline comes after a strong rally in July when both contracts gained over 20% following renewed tensions between the US and Iran.

Experts point out that the additional supply from OPEC+ has had little effect on the market, with export disruptions from the Gulf and supply issues involving Russia and Kazakhstan contributing to the ongoing uncertainty.