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Oil prices drop 5% as Trump delays planned strike on Iran

August 03, 2026 / 10:02 PM
Image for the title: Oil prices drop 5% as Trump delays planned strike on Iran
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Sharjah 24 – Reuters: Oil markets tumbled sharply on Monday following US President Donald Trump's decision to postpone a planned military strike against Iran, easing geopolitical tensions and fueling optimism that a diplomatic breakthrough with Tehran could soon increase Gulf oil supplies.

By 2:39 p.m. GMT, Brent crude futures plummeted $4.41, or 5%, settling at $83.52 a barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude fell $5.18, or 6.1%, down to $79.49 a barrel.

With this steep decline, Brent crude was on course to hit its lowest closing price since July 13.

 

August 03, 2026 / 10:02 PM

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