{
  "id": 63756,
  "title": "Oil prices drop after Trump orders US forces to hold off on new strikes against Iran",
  "url": "https://urgent.news/2026/08/02/oil-prices-drop-after-trump-orders-us-forces-to-hold-off-on-new",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-02T23:23:01.000Z",
  "source": {
    "name": "Associated Press",
    "slug": "associated-press",
    "url": "https://apnews.com/article/oil-prices-iran-war-trump-194ab3d3130bb44de445cf3d05954beb"
  },
  "original_language": "en",
  "account": "Oil prices experienced a significant decline on Sunday following President Donald Trump's decision to order U.S. forces to halt new strikes against Iran, as he expressed optimism over the possibility of a resolution to the ongoing conflict. This development could potentially allow oil shippers to resume transporting vessels through the Strait of Hormuz, a vital waterway in the Persian Gulf where oil and other products have been impeded by the fighting. Consequently, the price of U.S. crude oil dropped by 5% to $80.79 per barrel, while the price of Brent crude, the international benchmark, fell by 5% to $83.87 per barrel.\n\nOil prices had been fluctuating wildly since the U.S. and Israel initiated attacks on Iran in late February, surging past $100 per barrel on several occasions during the spring months. As the conflict persisted, the high oil prices trickled down to impact the prices of essential commodities such as gasoline, jet fuel, and various products that rely on diesel for transportation. Motorists faced increased costs at the gas pump, while air travelers endured higher fares due to elevated jet fuel expenses. In certain countries, fuel supplies became scarce, prompting rationing efforts and occasional closures of schools and government offices.\n\nDespite the disruptions caused by the conflict, oil and gas companies managed to generate substantial profits during the spring as a result of the skyrocketing oil, gasoline, and diesel prices stemming from the inability of petroleum shippers to navigate through the critical Strait of Hormuz due to the ongoing battles. As of Sunday night, the prices for U.S. crude oil remained approximately 20% higher compared to the levels prevailing before the conflict commenced.",
  "summary": "NEW YORK (AP) — Oil prices fell sharply Sunday after President Donald Trump said he would order U.S. forces to hold off on new strikes against Iran, claiming that a deal to end the fighting in the…",
  "key_points": [
    "President Trump orders U.S. forces to cease new strikes against Iran",
    "Oil prices drop 5% to $80.79 per barrel, Brent crude falls to $83.87",
    "Conflict disruption may allow oil ships to resume Strait of Hormuz passage"
  ],
  "editors_take": null,
  "illustration": "https://urgent.news/ill/63756.png",
  "coverage": {
    "outlets": 12,
    "also_reported_by": [
      {
        "outlet": "Hindu BusinessLine",
        "title": "Crude oil futures fall over 5% as Trump pauses planned Iran strike",
        "url": "https://urgent.news/2026/08/03/crude-oil-futures-fall-over-5-as-trump-pauses-planned-iran-strike",
        "published": "2026-08-03T04:07:33.000Z"
      },
      {
        "outlet": "Semafor",
        "title": "The deal, and call, behind Trump’s climbdown on Iran strikes",
        "url": "https://urgent.news/2026/08/03/the-deal-and-call-behind-trumps-climbdown-on-iran-strikes",
        "published": "2026-08-03T08:36:06.000Z"
      },
      {
        "outlet": "Moneyweb",
        "title": "Iran says Hormuz talks underway after Trump calls off strikes",
        "url": "https://urgent.news/2026/08/03/iran-says-hormuz-talks-underway-after-trump-calls-off-strikes",
        "published": "2026-08-03T09:27:51.000Z"
      },
      {
        "outlet": "Al Jazeera",
        "title": "Trump says new Iran negotiations starting: What we know",
        "url": "https://urgent.news/2026/08/03/trump-says-new-iran-negotiations-starting-what-we-know",
        "published": "2026-08-03T09:44:53.000Z"
      },
      {
        "outlet": "Channel News Asia",
        "title": "Oil prices drop after Trump cancels attack on Iran to seek nuclear deal",
        "url": "https://urgent.news/2026/08/03/oil-prices-drop-after-trump-cancels-attack-on-iran-to-seek-nuclear",
        "published": "2026-08-03T10:30:54.000Z"
      },
      {
        "outlet": "NPR",
        "title": "Todd Blanche rescinds 'anti-weaponization fund'. And, Trump calls off striking Iran",
        "url": "https://urgent.news/2026/08/03/todd-blanche-rescinds-anti-weaponization-fund-and-trump-calls-off",
        "published": "2026-08-03T11:57:06.000Z"
      },
      {
        "outlet": "Egypt Independent",
        "title": "Iran appears indifferent to latest Trump talk on negotiations",
        "url": "https://urgent.news/2026/08/03/iran-appears-indifferent-to-latest-trump-talk-on-negotiations",
        "published": "2026-08-03T12:30:11.000Z"
      },
      {
        "outlet": "France 24",
        "title": "After Donald Trump's latest U-turn, uncertainty remains over talks with Iran",
        "url": "https://urgent.news/2026/08/03/after-donald-trumps-latest-u-turn-uncertainty-remains-over-talks-with",
        "published": "2026-08-03T13:19:21.000Z"
      },
      {
        "outlet": "Free Malaysia Today",
        "title": "Trump demands lower gas prices from oil companies, chides Chevron CEO",
        "url": "https://urgent.news/2026/08/03/trump-demands-lower-gas-prices-from-oil-companies-chides-chevron-ceo",
        "published": "2026-08-03T14:53:01.000Z"
      },
      {
        "outlet": "Middle East Eye",
        "title": "Oil prices drop following Trump announcement on Iran talks",
        "url": "https://urgent.news/2026/08/03/oil-prices-drop-following-trump-announcement-on-iran-talks",
        "published": "2026-08-03T15:05:24.000Z"
      },
      {
        "outlet": "Jerusalem Post",
        "title": "Nothing gets through to Iran’s ‘unbelievably duplicitous’ leadership, Trump says",
        "url": "https://urgent.news/2026/08/03/nothing-gets-through-to-irans-unbelievably-duplicitous-leadership",
        "published": "2026-08-03T16:02:59.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}