Brent Falls as US-Iran Talks to Resume

2026-08-03 10:24 By Agna Gabriel 1 min. read

Brent oil fell about 5% to below $84 a barrel on Monday after US President Donald Trump called off a planned military strike on Iran and said fresh negotiations with Tehran would begin.

Trump said regional allies, including Saudi Arabia, had urged Washington to pursue diplomacy, prompting him to suspend the attack while efforts continue to secure a deal to reopen the Strait of Hormuz.

Iran denied holding direct talks with the US but said discussions with Oman were making progress toward improving shipping through the strategic waterway.

Elsewhere, Turkey and Iraq extended a key oil pipeline agreement by one year, supporting alternative export routes.

Kazakhstan also resumed crude intake through the Caspian Pipeline Consortium after a brief suspension, although exports remain vulnerable to drone attacks targeting tankers.

Meanwhile, OPEC+ approved another modest production increase, completing the planned restoration of supply cuts introduced in 2023.



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