Oil Drops Nearly 5% as Trump Announces Fresh Talks with Iran

Oil Drops Nearly 5% as Trump Announces Fresh Talks with IranSingapore, 3 Aug 2026 (ONA) — Oil prices plunged nearly 5% in early Asian trade today after US President Donald Trump said fresh negotiations with Iran would seek to end the conflict in the Middle East and reopen the Strait of Hormuz. Brent crude futures fell 4.69% to $83.81 a barrel, while US West Texas Intermediate crude dropped 4.67% to $80.72 a barrel. — Ends/AH