Oil Prices Fall as Trump Cancels Iran Attack, Turns to Talks

Oil prices dropped sharply on August 3, 2026 — Brent crude fell 5.16% to $83.39, and WTI fell over $5 to $79.47 — after President Trump called off planned strikes on Iran and announced talks. Prices had risen over 20% in July during renewed US-Iran fighting and tanker attacks in the Strait of Hormuz. Whether peace holds is uncertain, since an April ceasefire collapsed quickly.