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macroAug 3, 2026, 10:47 PM

Oil Steady After Sharp Drop; Trump Issues Ultimatum to Iran

WTI hovered near $80 after Monday's 5% slide, while Brent closed around $84. The US president said talks with Tehran are a 'last chance' and expects the Strait of Hormuz to reopen 'literally by tomorrow.'

WTIBRENT

Oil prices stabilised on Tuesday following their steepest one-day decline in a week. West Texas Intermediate crude slipped to around $80 per barrel, having lost more than 5% during Monday’s session. Brent crude settled near $84.

The sell-off came after President Donald Trump made his most forceful comments yet on the potential de-escalation of tensions in the Middle East. He characterised his latest offer of negotiations with Iran as Tehran’s 'last chance' and said he expected the Strait of Hormuz — a critical chokepoint for global oil shipments — to be fully reopened 'literally by tomorrow.'

Source: First Squawk