Commodities
Trump's Iran Deal Hopes Send Oil Prices Plummeting
Oil prices plummeted $4 per barrel on August 3, 2026, after US President Donald Trump announced he was holding off on a fresh attack on Iran. This decision aims to facilitate a quick deal that would halt Tehran's nuclear ambitions and reopen the Strait of Hormuz.
Brent crude futures fell by $4.08 (4.64%) to $83.85, while U.S. West Texas Intermediate crude dropped to $80.66 per barrel ($4.01 or 4.74% down).
These declines come after a surge in oil prices last month when fighting between the US and Iran resumed, causing security concerns and deterring shippers from entering the Gulf to load oil.