Oil prices drop over 5% after Trump pauses planned strikes on Iran

financeAug 3, 2026491,899

Oil prices tumbled more than 5% after US President Donald Trump said he had halted planned strikes on Iran and that US-Iran peace talks would resume later in the day. Brent crude fell to about $83.40 per barrel and then dropped below $82 on the London ICE exchange for the first time since July 13, marking a multi-month low. US West Texas Intermediate crude slid about 6% to near $79.60 per barrel. The move followed diplomatic easing and OPEC+ approval of extra output, which together pushed markets toward lower price levels. The combination of reduced military risk and added OPEC+ supply suggests further downside pressure on benchmark crude until either diplomacy falters or producers change course.

Mark Chadbourn

@chadbourn.bsky.social

It’s Monday - Happy Trump Announces New Talks With Iran day. Oil prices have just started falling.

50945d ago

Mark Chadbourn158

Iranian Foreign Ministry spokesperson Esmail Baghaei: “We are currently not having negotiations with the United States, and the negotiations with Oman are focused on reaching an agreement regarding the safe passage of ships through the Strait of Hormuz. 1/

Rob Jacobs58

This is good. Iran is not talking to the US because the US has already lost. Professor Paine explains it all. www.youtube.com/watch?v=hjtl...

Joanne Hall22

I don't understand why the markets react like this, when everyone on the planet knows its complete bullshit.

Memnon of Rhodes15

1/ This is the most powerful office on Earth being operated by an idiot who would fail a Grade 1 comprehension test. Iran's Fars News has come out and called the whole thing BS. And Tehran says it never asked Trump to hold off either,

Grizzled Shopkeep13

Price go up. Price go down.

Stuart Hemingway12

Should just rename Monday *market manipulation day*

Quoting this

Steve Kenson ❌👑10

Happy Market Manipulation Monday to all who celebrate.

💙 Happysnarkygal 💙5

Good Morning BlueSky. It’s let’s manipulate the market Monday by Trump. Again.

Shannon2

Market manipulation Monday kicks off with the military soliciting troops for “creative and unconventional” ways to punish Iran. In other words, playing by the rules of war is not effective. They seek “cruel and unusual” war crimes. Lying, cheating, and stealing is the only way republicans ever win.

Marcello Struzzo2

Metti la pace, togli la pace...

David Pakman

@davidpakman.bsky.social

You’ll be relieved to hear that Trump is about to end the Iran war for the 50th time!

35145d ago

APKage6

Get that man a Noble Peace Prize. Yes I spelled it wrong. No, he won’t know the difference.

dave-is-here.bsky.social2

So, does that mean he has ended (8+1) or (8+50) wars? Either way, he does deserve a (checking notes...) prize.

Carol2

50th time is the charm.

Chris Gallon1

Has he finally agreed to sign the instruments of surrender handed to him by Iran? Or is he hoping they will fail to notice they have soundly thrashed him (without an air force or a navy).

Resistance is persistence!1

#30million8/30 You are being abused right now by a fascist state. They are using your tax dollars to commit atrocities against humans. You are the victims of an abusive government and it is your fault it continues. STOP READING THE HEADLINES! RISE UP! OVERTHROW! END FASCISM IN AMERICA!

Wolfgang Bacsa1

We all know him so well. But does he ?

Quoting this

🐴Neigh, it's CK🌾🇨🇦2

So THIS is what the melon felon meant when he said, “We’re going to win so much you’re going to get sick of us winning.”

Steve Rattner

@steverattner.bsky.social

While Americans struggle with rising gas prices and inflation, big oil is making billions from the Iran War. Oil industry profits have more than doubled in just a year, reaching their third highest level in history.

11144d ago

A Dandelion7

👇🥶 the same for decades...

Quoting this

Chuck Schumer104

Trump’s illegal war in Iran is a gift to his Big Oil friends who bankrolled his campaign with the promise of raking in profits. Turns out it's the one promise he actually delivered on. Meanwhile, Americans are paying over $4 per gallon at the gas pump and suffering from rising energy costs.

Carl Quintanilla

@carlquintanilla.bsky.social

Rig count (in white) really didn’t keep pace with oil prices (orange.) (via RBAdvisers)

18744d ago

Downpuppy3

Who does a graph with a log scale on the right & linear on the left?

Vir2ualVibes2

How convenient for Big Oil, Gas and those who invest in it. I imagine he'll keep this fking war going on as long as he can so they all can make Gandolfian profits. My Q: How much kickback is he getting?

Sarah Dougherty1

Isn’t that largely because most or at least many rigs are bigger/produce more oil per rig?

thoughtsnprayers.bsky.social1

Lesson learned— drill, baby, drill was always a suggestion, not a business plan…

The Sgt Joker

@thesgtjoker.bsky.social

The Republican Party’s war with Iran has cost us $155 Billion so far. Fuel prices are skyrocketing. Inflation is high. Imagine how better America would be if we’d have invested $155 Billion into Clean Energy so we aren’t beholden to the Oil & Gas Industry or the radicals who control Middle East oil.

11945d ago

USArmyvet2

That’s more than enough to…I don’t know…end homelessness in this country or maybe world hunger. These disgusting CHUD assholes will see the inside of a prison cell. Tick tock mother fuckers.

Pittipapa2

Oh, but that would make sense. Instead, thanks to avian flu, we have a moron who is paying to take windmills offline because "golf course in Scotland". And our legislators do nothing. We're a failed state.

4ks2gs.bsky.social1

Fuel companies should not profit off of this phony war. It’s disgusting!!

Chris Maley1

They're turning their blunder into a scam. #Iran

Senator Mark Warner

@markwarner.bsky.social

While Trump's war of choice drives up prices at the pump, big oil companies are cashing in on the chaos. This is yet another reminder that Trump’s policies aren’t working for everyday Americans.

6944d ago

Basic City Girl3

we know that. do something.

cloudsrest.bsky.social1

Cashing in? They were all in on it. Stevie Wonder can see that.

nancyspantsbelt.bsky.social1

Founders said to start over if tyranny \ non representative government for a reason.

Joshua Holland

@joshuaholland.bsky.social

Weird how oil prices drop when Trump says we’re close to a deal but don’t go back up when the Iranians say they aren’t even talking to the US.

5944d ago

End Citizens United

@endcitizensunited.bsky.social

Trump and Congressional Republicans couldn't care less about higher prices at the gas pump as long their Big Oil donors are making billions.

3644d ago

Barchart

@barchart.com

Crude Oil plunging to prices not seen since (checks notes) last week 📉📉 Congrats everyone, we did it 🥳🫂

5245d ago

Emily Atkin

@emorwee.bsky.social

Idk who needs to hear this but Trump has not suddenly become a climate activist — he is just making empty threats to try and pressure oil companies to bring down gas prices before the election (they won’t)

3344d ago

Daniel Bendiksen1

Or he feels he should personally be getting a huge cut of the profits and hasn’t gotten that

"Online Rent-a-Sage" Bret Devereaux

@bretdevereaux.bsky.social

And yeah, in that scenario oil really does go to comedy-prices, but the USA is a net exporter and Americans (generally) can pay. They'll hate it, but the USA survives. Heck, the fact that infrastructure damage is long-lasting is a boon for fraking - they need long time horizons for investment.

5244d ago

Deborah Lynn

@mrsdeborahlynn.bsky.social

www.reuters.com/legal/litiga... Chevron will award employees a special bonus for operational results so far this year, following the U.S. oil producer's record earnings report that was boosted by high oil ⁠prices from the ongoing war in Iran. #Blues #VoteBlue

1544d ago

Itsgreek2me21

I’m glad that the employees will receive a special bonus, but I also believe that Chevron needs to be regulated more because they are always the highest price gas anywhere ever and I hate them

38 Degrees

@38degrees.bsky.social

$9.8B in Shell profits in 3 months while the Iran war drives up our bills. Stop shameless war profiteering.

1245d ago

Kevin J. Kircher

@kevinjkircher.com

A mostly unsung benefit of electric mobility (cars, bikes, wheelchairs, trains, etc.) is reducing the effectiveness of gas prices as a visible indicator of "THE ECONOMY" to people who don't pay close attention. Happy to take that particular knob of popular opinion influence away from oil barons.

1944d ago

Patrick De Haan

@gasbuddyguy.bsky.social

INDIANA- LAST CALL- your gas prices are going to jump FRIDAY, likely back to $4.19-$4.29/gal. Oil prices have fallen big today and that may offset/soften the blow somewhat- but fill'er up now before taxes hit again!

2544d ago

3 sources

cnbc.comOil drops over 5% as Middle East tensions ebb on diplomatic efforts zettawire.comOil prices drop over 5% after Trump says US-Iran peace talks will resume later today. Brent crude falls to ~$83.40/barrel, WTI down 6% to $79.60 amid diplomatic easing.oilprice.comOil Prices Plunge 5% as Trump Halts Iran Strike Plans | OilPrice.com

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Oil prices drop over 5% after Trump pauses planned strikes on Iran

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