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Oil prices drop 4% as Donald Trump announces Monday talks with Iran

3 August 2026 · in 80 words

Oil prices drop 4% as Donald Trump announces Monday talks with Iran

Brent crude dropped to $83.88 a barrel on Monday after the US president paused a planned military strike to get shipping moving through the Strait of Hormuz again. He hopes a fresh agreement will settle the ongoing dispute over Tehran's nuclear programme. Meanwhile, the Japanese yen hit its strongest level since May after Washington and Tokyo stepped in together to buy the struggling currency.

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