🔶 Oil Prices Drop After Trump’s Comments on Cancelling an Attack on Iran

After the U.S. president announced the start of a new round of talks with Iran aimed at ending the war and reopening the Strait of Hormuz, the price of oil fell sharply at the start of trading on Monday, August 3 (12 Mordad), in Asian markets.

The price of a barrel of Brent crude oil for delivery in September fell 4.69% to $83.81. West Texas Intermediate crude oil also fell 4.67% and was traded at $80.72 per barrel.

On Sunday, Trump said that a new round of negotiations with Iran would begin on Monday. However, he did not provide further details about where the talks would be held or who would participate. A few hours after the announcement of the cancellation of broad U.S. attacks on the Islamic Republic, Tehran said that it had become “close” to reaching an agreement with Oman to create a new route for transiting the Strait of Hormuz.