Trump's Iran Strike Pause Sends Oil Prices Reeling
Oil prices plummeted over 5% in early Asian trading on August 3 after US President Donald Trump announced he had suspended a planned military strike against Iran.
The decision to pause the operation was intended to allow time for negotiations on Iran's nuclear program and efforts to reopen shipping through the Strait of Hormuz, a key route for global crude exports.
Brent crude futures fell $5.52, or 6.28%, to $82.41 a barrel, while US West Texas Intermediate (WTI) crude dropped $5.27, or 6.22%, to $79.40 a barrel.