Oil Tumbles After Trump Cancels Iran Strikes, Pivots to Peace Talks

Brent crude fell 5.16% to $83.39 and WTI dropped over $5 to $79.47 on August 3, 2026, after President Trump cancelled planned strikes on Iran and announced talks with Tehran. Both benchmarks had surged over 20% in July amid renewed US-Iran fighting and Strait of Hormuz tanker attacks. Whether this de-escalation holds remains uncertain given the April ceasefire's rapid collapse.