Crude oil prices dropped sharply on Monday, August 3, 2026. U.S. President Donald Trump announced the resumption of peace talks with Iran. This news reduced market fears regarding supply disruptions through the Strait of Hormuz.
Brent crude fell over 5% to approximately $83.40 per barrel in early trading. West Texas Intermediate declined more than 5% to trade below $80 per barrel. This reversal follows a 20% price surge in July driven by U.S.-Iran hostilities.
Global energy stocks declined immediately following the announcement. ExxonMobil and Chevron shares both fell by approximately 1%. Investors shifted sentiment as diplomatic efforts signaled a potential increase in oil supply.