Why did oil prices tumble $4 a barrel on Monday, according to the news?

Oil prices tumbled $4 a barrel on Monday because U.S. President Donald Trump held off on a fresh attack on Iran in pursuit of a quick nuclear deal that would halt Tehran's nuclear ambitions and reopen the Strait of Hormuz — a development that eased immediate geopolitical supply risks and triggered a sharp market sell-off.

What did Trump state on Truth Social regarding Iran and the Strait of Hormuz?

On his Truth Social platform, Trump stated that Iran and other Middle Eastern countries had asked for time to complete a deal leading to 'the Immediate, Complete and Total' reopening of the Strait of Hormuz and 'an end to Iran's nuclear threat.'

Oil Tumbles as Trump Cancels Attack on Iran to Reach Nuclear Deal

Aug 2, 2026

Oil prices dropped $4 per barrel after President Trump paused military action against Iran to seek a nuclear deal, easing Strait of Hormuz concerns. OPEC+ approved a production quota increase despite ongoing export disruptions.

reuters

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