Oil prices tumble as Trump cancels attack on Iran to reach nuclear deal
Oil prices dropped significantly following President Trump's decision to delay military action against Iran in favor of pursuing a nuclear deal. The market remains volatile as traders monitor the security of the Strait of Hormuz and ongoing OPEC+ production adjustments.
Why it matters
Geopolitical tensions in the Middle East continue to be a primary driver of global energy market fluctuations and international diplomatic relations.
Oil prices tumbled $4 a barrel on Monday (August 3, 2026) after U.S. President Donald Trump held off on 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 slid $4.08, or 4.64%, to $83.85 by 2352 GMT while U.S. West Texas Intermediate crude was at $80.66 a barrel, down $4.01, or 4.74%.
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