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Latest Oil Market News and Analysis for Aug. 3

Bloomberg Markets Sunday 02 August 2026, 22:02 UTC By Kanoko Matsuyama 1 min read
Key Points

Oil Slumps as Trump Holds Off Iran Attack as Talks to Resume Oil fell after US President Donald Trump said new talks with Iran would begin on Monday after he called off a planned attack on the Islamic Republic. Brent for October fell as much as 7.3% to $81.55 a barrel, after futures surged almost a quarter in July, their biggest monthly gain since March. West Texas Intermediate was near $80.

Oil Slumps as Trump Holds Off Iran Attack as Talks to Resume Oil fell after US President Donald Trump said new talks with Iran would begin on Monday after he called off a planned attack on the Islamic Republic. Brent for October fell as much as 7.3% to $81.55 a barrel, after futures surged almost a quarter in July, their biggest monthly gain since March. West Texas Intermediate was near $80. Trump said Sunday on Air Force One that he called off a massive attack on Iran after allies in the Middle East, including Saudi Arabia, asked him to pursue a deal instead.
Latest Oil Market News (ORG) Trump Holds Off Iran Attack as Talks to (ORG) US (LOCATION) Donald Trump (PERSON) Iran (LOCATION) the Islamic Republic (LOCATION) Brent (PERSON) West Texas Intermediate (ORG) Trump (ORG) the Middle East (LOCATION) Saudi Arabia (LOCATION)
Originally published by Bloomberg Markets Read original →

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