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macroAug 3, 2026, 10:37 AM

Brent Crude Tumbles $7 on Renewed US-Iran Peace Talks

Oil prices dropped sharply after President Trump called off a planned attack on Iran and announced a new round of peace talks.

BCOUSD

Brent crude opened sharply lower on Monday, falling $7 in a gap-down move. The selloff came after U.S. President Trump halted a planned military strike on Iran and confirmed that fresh peace negotiations would begin.

The abrupt de-escalation in the Middle East removed a key geopolitical risk premium from oil markets, triggering immediate selling pressure at the start of the week.

Source: FXStreet Forex News