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3 Aug 2026, 13:44

On Monday, August 2, 2026, the global oil price dropped by more than five percent following Donald Trump's announcement of the halt to the U.S. military attack on Iran and the beginning of a new round of negotiations between the two countries.

Reuters reported that global markets consider the reduced likelihood of military conflict in the Middle East and increased hope for an agreement between Tehran and Washington as the main factors behind the decline in oil prices. According to the news agency, traders' concerns about disruptions in oil supply and the potential closure of the Strait of Hormuz have decreased following Trump's statements.
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