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Commodities

Trump's Iran U-Turn Sends Oil Prices Tumbling

Guavy AI Editorial Team
Instruments
Oil
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Oil prices plummeted by 7% at settlement on August 3, marking their lowest level in three weeks. This significant decline was largely attributed to US President Donald Trump's decision to postpone a new attack on Iran.

The move aimed to facilitate a swift agreement that would put an end to the ongoing war and reopen the crucial Strait of Hormuz.

Brent crude futures fell by $6.35, or 7%, to settle at $83.77 per barrel, while US West Texas Intermediate (WTI) crude declined by $4.33, or 5.1%, to settle at $80.34 per barrel.

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