- August 3, 2026
- Posted by: Tresmark
- Category:
No Comments
Oil prices fell more than 5% on Monday after U.S. President Donald Trump said the United States would hold off on a fresh military strike against Iran to pursue a swift agreement over Tehran's nuclear programme and the reopening of the Strait of Hormuz.
Brent crude dropped USD 4.49, or 5.1%, to USD 83.44 a barrel, while U.S. West Texas Intermediate (WTI) crude declined USD 4.90, or 5.8%, to USD 79.77.
The decline followed Trump's diplomatic shift, which eased concerns over potential supply disruptions in the Middle East. The move also came after OPEC+ agreed to raise oil production in September, completing the rollback of its voluntary output cuts.
Despite Monday's losses, both Brent and WTI recorded gains of more than 20% in July, supported by geopolitical tensions and concerns over global oil supplies.
