Oil Prices Drop as Trump Calls Off Iran Strikes, Seeks 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 negotiations. Both benchmarks had surged over 20% in July amid renewed US-Iran fighting and Strait of Hormuz tanker attacks. Whether de-escalation holds remains uncertain, given the April ceasefire's rapid collapse.