Trump's Iran Deal Hopes Send Oil Prices Plunging
Oil prices plummeted on August 3 after US President Donald Trump suspended his plans for a fresh attack on Iran, seeking to reach a quick deal that would halt Tehran's nuclear ambitions and reopen the Strait of Hormuz.
Brent crude futures fell $4.08 per barrel, or 4.64%, to $83.85 by 2352 GMT, while US West Texas Intermediate crude dropped $4.01, or 4.74%, to $80.66 a barrel.
This move comes after the two contracts surged more than 20% in July following renewed fighting between the US and Iran and increased security concerns around Oman's Gulf region.
Trump stated on August 1 that Iran and other Middle Eastern countries had requested time to complete a deal leading to 'the Immediate, Complete and Total' reopening of the vital strait and an end to Iran's nuclear threat, according to his Truth Social platform.