Oil Prices Fall 7% After Trump Calls Off Iran Attack

On August 3, 2026, oil prices fell sharply. Brent crude, a global benchmark, dropped $6.35, or 7.0%, to $83.77 a barrel; U.S. oil fell $4.33, or 5.1% (Reuters). Prices had been inflated by war fears with Iran. A nuclear deal cancelled the attack, easing those fears and deflating prices.