Global oil prices fell nearly 5% in early Asian trading after Donald Trump announced new negotiations with Iran, aiming to end the Middle East war and reopen the Strait of Hormuz.
On 3 August 2026, AFP reported that global oil prices dropped nearly 5% in early Asian market trading after U.S. President Donald Trump announced new talks with Iran to seek an end to the Middle East war and to push for the reopening of the Strait of Hormuz.
Brent crude oil, the global benchmark for September delivery, fell 4.69% to $83.81 per barrel, approximately 2,700 baht per barrel, while U.S. West Texas crude fell 4.67% to $80.72 per barrel, about 2,600 baht per barrel.
Analysts noted that oil prices have been highly volatile since the war involving the U.S., Israel, and Iran began in late February, following U.S. and Israeli attacks on Iran, which led to the blockage of the Strait of Hormuz—a critical global oil and natural gas shipping route—halting maritime traffic.
Trump stated that the U.S. will begin new talks with Iran on Monday, 3 August, after deciding to suspend plans for a major strike against Iran to allow negotiations and the pursuit of a joint agreement. Trump did not disclose the location of the talks or the names of participants.
. Source: AFP