Wall Street Gains, Oil Prices Tumble After Trump Says He’ll Order Forces to Ease up on Iran Attacks
Brent and West Texas Intermediate fell as much as 6% after Trump said he canceled a planned strike and new talks would begin Monday.
- Oil prices fell on Monday after President Donald Trump canceled a planned attack on Iran and opted to resume negotiations to address regional security concerns.
- Trump stated on Saturday that he paused military action after requests from Iran and Middle Eastern Countries, conditioning the cancellation on reaching a deal to reopen the Strait of Hormuz.
- Brent crude fell about 5% to stand just above $83.50 a barrel, while West Texas Intermediate dropped 6% to $79.59, reflecting market relief that immediate escalation was avoided.
- Iranian foreign ministry spokesperson Esmail Baghaei rejected the claim of U.S. negotiations, asserting Tehran only discussed navigation through the Strait of Hormuz with Oman.
- Significant risks remain for vessels in the Strait of Hormuz, which carries about 25% of pre-war oil flows, after a tanker reported an explosion near Oman on Sunday.
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Around 2:05 PM GMT, the Dow Jones was up 1.34%, the Nasdaq gained 1.18%, and the broader S&P 500 rose 0.93%. "Clearly, the market is pleased to hear that there could be progress in the Gulf; this is seen as good news," Steve Sosnick, an analyst at Interactive Brokers, told AFP. Donald Trump announced a resumption of dialogue with Iran on Monday, a claim later denied by Tehran, which asserted that no negotiations were underway in the war that ha…
Oil prices fall by about 6%, with WTI below $80 per barrel, after US President Donald Trump agrees to cancel the planned attacks on Iran, stating that the draft of an agreement was reached, and that the negotiations will be resumed on Monday, reducing fears of an escalation of the conflict in the Middle East. At around 7:40 a.m., at the Intercontinental Exchange (ICE), Brent oil for delivery in October fell 4.99% to $83.54 per barrel. Already in…
Oil prices fell sharply earlier this week after U.S. President Donald Trump said the United States would resume talks with Iran. Markets reacted to signs of a possible easing of tensions in the Persian Gulf, which in recent months have raised concerns about a wider regional conflict and a threat to global energy supplies.
Following Donald Trump's announcement of a suspension of US bombings on Iran and a resumption of negotiations with Tehran, oil prices were falling sharply this Monday, August 3.
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