Oil Drops 7% as Trump Scraps Iran Attack After Nuclear Deal

On August 3, 2026, Brent crude fell $6.35, or 7.0%, to $83.77 a barrel; U.S. WTI dropped $4.33, or 5.1% (Reuters). President Trump cancelled a planned attack on Iran after both sides reached a nuclear deal. That removed the geopolitical risk premium — the extra price traders had built in for war-related supply disruption.