What caused the $4/barrel drop in oil prices on Monday, according to the news?

Oil prices fell by around $4/barrel in early trade on Monday after US President Donald Trump announced that diplomatic talks with Iran would soon resume, and he had held off a planned massive military attack on Iran on the condition that a deal is soon reached to immediately reopen the Strait of Hormuz.

What did OPEC+ decide about oil production on 2 August, and which countries are part of the core group implementing the decision?

On 2 August, OPEC and its allies (OPEC+) approved an increase in oil production quota of around 188,000 barrels/day, completing the unwinding of a 1.65 million barrels/day supply cut originally implemented in 2023; the core group implementing this decision consists of Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman.

Oil Prices Fall Around $4/bbl on Optimism Over US-Iran Talks

Aug 3, 2026

Oil prices dropped approximately $4 per barrel following President Trump's announcement of resumed diplomatic talks with Iran regarding the Strait of Hormuz. Concurrently, OPEC+ finalized an increase in production quotas, completing the rollback of previous supply cuts.

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