Crude oil prices decline over 6% to $81/barrel after Trump hints US-Iran talks ahead

Crude oil prices in the global market declined more than 6% on Monday, August 3, as commodity market investors focused on another round of negotiations between the United States and Iran starting from Monday afternoon, August 3, 2026.

Investing.com data showed that the global benchmark, Brent crude oil prices, dropped 6.8% to its intraday low of $81.93 per barrel (bbl) on Monday’s market, compared to $87.93 per bbl at the previous commodity market close last week.

The fall in prices comes after US President Donald Trump told the media on Sunday that the talks with Iran will resume from Monday after America reportedly called off a “massive attack” on the West Asian country.

The latest report from CNN showed that Trump called off a planned attack over the weekend, which was supposed to strike Iran through the US-allied nations such as Saudi Arabia, the United Arab Emirates, and Qatar.

Oil prices today

After the intraday low, around 10:50 am (IST), Brent crude oil prices were trading 5.3% lower at $83.27 per bbl on Monday’s market, compared to $87.93 per bbl at the previous market close, as per Investing.com data.

The data further showed that crude oil prices were down 5.78% in the last five trading sessions, and have dropped 23% in the last three months, but were up 15.39% in the last one-month period.

The US-based West Texas Intermediate (WTI) crude oil prices were down 6.2% at $79.40 per bbl on August 3, compared to $84.67 per bbl at the previous commodity market close, as per the exchange data.

According to a PTI report, the commodity traders said that the sharp correction in crude oil prices mirrored weakness in overseas markets, as participants pared risk positions amid expectations that diplomatic efforts between the US and Iran could potentially avert a prolonged disruption of oil supplies through the Strait of Hormuz.

Trump’s latest comments

US President Trump said that Iran and the United States are set to start their negotiations on Monday afternoon after the leader called off strategic attacks against the West Asian country.

“They knew the extent of the attack because they saw it forming. Now what we’re doing is we’re talking to them in the form of a negotiation. It begins tomorrow afternoon, and we’ll see,” Donald Trump on Sunday told media on board Air Force One.

However, the latest media reports suggest that the Iranian state media denied that the country has asked Trump to stop the planned attacks.

In a Truth Social post on Sunday, Trump said that although America and Israel remain prepared to attack Iran, the country has decided to cancel its attack on the West Asian country subject to the ability of a deal between the two nations.

“Based on this request, I have agreed, for the future benefit of the world and, likewise, the survival of a successful and prosperous Iran, to cancel the attack, subject to being able to rapidly make a deal,” said Trump in his post.

According to a CNN report, Trump’s move to cancel the strikes on Iran comes after Prince Mohammed bin Salman pushed for de-escalation between the countries at conflict.

OPEC+ agree to raise oil output

Oil & Petroleum Exporting Countries (OPEC+) producers, seven countries led by Saudi Arabia and Russia have agreed to raise crude oil production by a combined 188,000 barrels per day (bpd) in September as they continue the phased unwinding of voluntary output cuts.

Under the agreement, Saudi Arabia and Russia will each increase production by 62,000 bpd, Iraq by 26,000 bpd, Kuwait by 16,000 bpd, Kazakhstan by 10,000 bpd, Algeria by 6,000 bpd and Oman by 5,000 bpd.

This production adjustment update of 188,000 bpd for September would be implemented under the schedule for easing the earlier voluntary curbs.