Oil slumps on positive signals from the Iran and United States talks

Global oil markets fell in the opening hours of the week's trading, early on Monday 3 August 2026 (12 Mordad 1405), as hopes strengthened that talks between Iran and the United States would be concluded. According to the newspaper Donya-e-Eqtesad, Brent fell more than 6 percent during those hours, retreating into the $80s.

Price provider data from the same early morning gives a more precise reading of the market level. A data provider reported Brent at $83.77 a barrel, a fall of 4.73 percent from the previous close of $87.93. OilPrice put Brent at $83.87, down 4.62 percent, and West Texas Intermediate at $80.64, down 4.76 percent. The gap between these readings and the figure of more than 6 percent reflects the moment of measurement during overnight swings.

The driver was the US president's announcement that he had cancelled a planned military strike and that a new round of talks with Tehran would begin. Despite the drop, Brent remains 16.37 percent higher than a month ago and 21.83 percent higher than at the same time last year, on market data.