Oil Slumps, US Futures Rise on Iran Talks Optimism: Marke…

On August 2, 2026, oil prices fell significantly by as much as 7.3%, with Brent crude dropping to $81.55 per barrel. This decline was influenced by President Donald Trump's announcement of renewed US-Iran talks aimed at reopening the Strait of Hormuz, following his decision to cancel a planned military strike on Iran. The shift came in response to requests from Middle Eastern allies, including Saudi Arabia, who favored a diplomatic approach.

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An oil tanker docked at the SK Innovation Co. Ulsan Complex oil refinery facilities in Ulsan, South Korea.

An oil tanker docked at the SK Innovation Co. Ulsan Complex oil refinery facilities in Ulsan, South Korea. Photographer: SeongJoon Cho/Bloomberg

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By Anand Krishnamoorthy

August 2, 2026 at 10:09 PM UTC

Updated on August 3, 2026 at 5:00 AM UTC

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Oil fell and Treasuries rose after President Donald Trump said fresh US-Iran talks would begin Monday, boosting optimism the two sides will reach a deal to reopen the Strait of Hormuz.

Brent for October slid as much as 7.3% to $81.55 a barrel after Trump said he’d agreed to call off a massive attack on Iran as allies in the Middle East, including Saudi Arabia, asked him to pursue a deal instead.

Read Original at Bloomberg.com →

Oil Slumps, US Futures Rise on Iran Talks Optimism: Markets Wrap