WASHINGTON, United States – Global oil prices tumbled nearly 5 percent in early Asia trade on Monday, August 3, 2026, after United States President Donald Trump announced new negotiations with Iran to reopen the Strait of Hormuz.
Okay News reports that Trump said on Sunday, August 2, 2026, that fresh discussions with the Islamic republic will begin on Monday afternoon after the United States held off on major military strikes.
“Now what we’re doing is we’re talking to them in the form of a negotiation. It begins tomorrow afternoon,” Trump said on Sunday, without providing further details of the venue of the talks or the participants.
At 22:50 GMT on Sunday (23:50 WAT), the price of a barrel of Brent North Sea crude for September delivery was down 4.69 percent at $83.81. Its American equivalent, West Texas Intermediate, fell 4.67 percent to $80.72.
The war, which began in late February 2026 when the United States and Israel attacked Iran, effectively closed the waterway, which is a vital route for global oil and gas supplies.
Hours after the United States called off major strikes, Iran said on Sunday it was nearing a deal with Oman over a new route through the Strait of Hormuz.
