Oil falls more than 5% as US and Iran talks resume

Crude oil prices fell more than 5% in trading on Monday, Aug. 3, 2026 (12 Mordad 1405). According to Anadolu Agency, the drop followed US President Donald Trump's announcement that he had cancelled a planned military strike on Iran and that talks would resume the same day. International benchmark Brent slid to around $83.40 per barrel as of 0605 GMT on Aug. 3, while West Texas Intermediate fell 6% to $79.60.

Trump said key US allies in the region, including Saudi Arabia, had urged him to suspend the strikes and prioritise negotiations. He also repeated his call for the Strait of Hormuz to be reopened quickly. Brent had climbed about 25% during July 2026, after renewed US and Iran hostilities broke an interim agreement and widened supply disruption from the Strait of Hormuz to the Red Sea.

At the same time, major OPEC+ producers approved another modest increase in production quotas, completing the planned restoration of the output cuts introduced in 2023. data source data show Brent recovering to $84.35 per barrel on Tuesday, Aug. 4 (13 Mordad), up 0.69% on the day.