Trump Schedules Iran Talks; Oil Prices Slide Amid Diplomacy

U.S. President Donald Trump announced talks with Iran for August 3, 2026, while declining to set a deadline for a deal to reopen the Strait of Hormuz.

Brent crude futures fell $4.08 to $83.85 a barrel, while U.S. West Texas Intermediate crude dropped $4.01 to $80.66 following the decision to delay military strikes.

The number of commodity vessels passing through the Bab el-Mandeb strait declined to 18 on August 2, down from 28 on July 31, amid ongoing regional maritime tensions.