Crude oil prices dropped sharply on Monday, August 3, 2026. U.S. President Donald Trump announced the resumption of peace talks with Iran. The news eased market fears of conflict and supply disruptions through the Strait of Hormuz.
Brent crude fell more than 5% to approximately $83.40 per barrel. West Texas Intermediate (WTI) declined over 5% to trade below $80 per barrel. This de-escalation reversed a 20% price surge recorded during July.
Energy stocks declined globally in response to the announcement. ExxonMobil and Chevron shares both fell by approximately 1%. Investors shifted sentiment as diplomatic efforts signaled a potential increase in global oil supply.