Oil Falls as Trump Pauses Iran Strikes, Pursues Deadline-Free Diplomacy

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