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

Brent crude drops by 5% after US president claimed talks on Middle East peace deal would resume Crude oil prices fell sharply while stocks and government bonds rallied on Monday after Donald Trump cancelled planned strikes on Iran and claimed peace talks were

The Guardian|Mon, 3 August 2026 at 12:10

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

Crude oil prices fell sharply while stocks and government bonds rallied on Monday after Donald Trump cancelled planned strikes on Iran and claimed peace talks were about to resume.

Brent crude was trading 5% lower at $83.47 a barrel by lunchtime, after falling as much as 7.3% to $81.55 a barrel. US West Texas Intermediate dropped more than 5% to $79.47 a barrel.

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