Brent Crude Falls 7% to $83.77 After Trump Cancels Iran Attack Over Nuclear Deal

On August 3, 2026, front-month Brent crude fell $6.35, or 7.0%, to settle at $83.77 a barrel; U.S. West Texas Intermediate dropped $4.33, or 5.1% (Reuters). The sell-off followed President Trump cancelling a planned attack on Iran after the two sides reached a nuclear deal, unwinding the geopolitical risk premium embedded in crude benchmarks.