Oil Tumbles as Trump Pauses Iran Strikes for Diplomacy Talks with No Deadline

Oil prices tumbled August 3, 2026, after President Trump held off a fresh strike on Iran and scheduled diplomatic talks with no deadline for a deal. European shares opened higher. The Strait of Hormuz — through which roughly 20% of global oil consumption normally transits — has been shut by Iran since May, remaining closed despite US and Gulf Cooperation Council demands to reopen it.