Oil Prices Plunge 4% as Trump Cancels Iran Strike and Resumes Negotiations

에너지/원자재 | Mon Aug 03 2026 00:00:00 GMT+0000 (Coordinated Universal Time) | 7 sources

Oil prices fell sharply, gold rose, and energy stocks posted strong earnings amid renewed Iran negotiation expectations.

Analysis

[WTI and Brent Crude Oil] plunged over 4% on news of canceled Iran strike ^[3]^[4]

WTI September contract fell 4.5% to $80.89 per barrel
Brent October contract fell 4.4% to $84.10 per barrel
Geopolitical risk premium reduced

[President Donald Trump] announced cancellation of Iran strike and agreement to reopen Strait of Hormuz ^[5]^[1]

Strike suspended at request of Iran and Middle Eastern countries
Agreement includes immediate and complete opening of Strait of Hormuz
Demanded end to Iran nuclear threat
Announced new negotiations to begin Monday

[Gold] rose amid negotiation expectations ^[2]

Expectations of easing energy-driven inflation
Reduced concerns over interest rate hikes
Anticipation of breakthrough in months-long conflict

[ExxonMobil, Chevron, and Valero] posted surging quarterly earnings from war windfall ^[4]

Exxon net income doubled year-over-year to $14.5B
Chevron net income rose approximately 400%
Chevron refining segment profits surged 500%
Valero profits increased over 400%

[Strait of Hormuz and Middle East Tankers] experienced vessel attacks amid escalation concerns ^[6]

Tanker near Oman hit by unidentified projectile
Reports of another tanker explosion witnessed nearby
Kuwait defended against Iranian drone attack
US embassies issued evacuation alerts to citizens

[Iran Power Structure] expanded ceasefire implementation uncertainty due to complex command chain ^[7]

Cracks in 60-day negotiation period following June 17 MOU
Concerns over independent actions by IRGC and pro-Iran forces
Iraqi militias attacked Saudi oil fields
Houthis attacked pipeline infrastructure

Sources