Oil Prices Tumble as US-Iran De-escalation Hopes Emerge

Emirates News Agency, The Hindu, ICIS · Aug 03, 2026 00:00

Brent crude futures dropped over 5% to $82.41 per barrel in early Asian trading on August 3, 2026, while WTI fell to $79.40 per barrel. This sharp decline followed reports that US President Trump called off a planned strike on Iran, signaling a potential diplomatic resolution to reopen the Strait of Hormuz.