MacroAug 3, 2026, 12:43 AM

Oil Plunges, U.S. Futures Rise on U.S.-Iran Talks

Brent crude dropped as much as 7.3% and U.S. equity futures climbed after Trump announced fresh U.S.-Iran talks starting Monday, boosting hopes for a Strait of Hormuz deal. A small OPEC+ quota increase added to oil's pressure.

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Oil prices tumbled and U.S. stock-index futures advanced after President Trump disclosed that new negotiations between the U.S. and Iran would start Monday, fueling optimism for a possible agreement to reopen the Strait of Hormuz.

Brent crude futures for October declined as much as 7.3%, settling at $81.55 a barrel. The decline was compounded by a modest OPEC+ production quota increase. Meanwhile, S&P 500 futures added 0.3% and Nasdaq 100 futures gained 0.5%, reflecting risk-on sentiment.

Source: First Squawk

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