Oil drops over 5% as Middle East tensions ebb on diplomatic efforts

Oil prices fell on Monday as investors pared geopolitical risk premiums after U.S. President Donald Trump said he had called off a planned strike on Iran.

# Oil drops over 5% as Middle East tensions ebb on diplomatic efforts Oil prices fell on Monday as investors pared geopolitical risk premiums after U.S. President Donald Trump said he had called off a planned strike on Iran. **Read the full article:** [CNBC](https://www.cnbc.com/2026/08/03/oil-prices-today-wti-brent-hormuz-trump-iran.html) *This article was originally published by CNBC. MoneyWiseInc provides expert curation of the best financial content from trusted sources.*