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Oil prices plunge and Europe’s stock markets rally after Trump calls off Iran strikes

The Guardian World Monday 03 August 2026, 08:44 UTC By Julia Kollewe 1 min read
Key Points

Brent crude drops by 5% after US president said talks on Middle East peace deal would resumeBusiness live – latest updatesCrude oil prices fell sharply and European stock markets rallied on Monday after Donald Trump cancelled planned strikes on Iran to focus on negotiations for a peace deal. Brent crude was trading 5% lower at $83.50 a barrel by mid-morning, after falling as low as $81.55 a barrel. US West Texas Intermediate dropped more than $5 to $79.47 a barrel.

Brent crude drops by 5% after US president said talks on Middle East peace deal would resume

Crude oil prices fell sharply and European stock markets rallied on Monday after Donald Trump cancelled planned strikes on Iran to focus on negotiations for a peace deal.

Brent crude was trading 5% lower at $83.50 a barrel by mid-morning, after falling as low as $81.55 a barrel. US West Texas Intermediate dropped more than $5 to $79.47 a barrel.

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Europe (LOCATION) Trump (ORG) Iran (LOCATION) Brent (PERSON) US (LOCATION) Middle East (LOCATION) European (ORG) Donald Trump (PERSON) West Texas Intermediate (ORG)
Originally published by The Guardian World Read original →

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