Crude oil futures plunged as much as 7.3% for Brent to around $81.55 per barrel on August 3, while WTI fell more than 6%, after President Trump announced the resumption of diplomatic talks with Iran and the cancellation of planned military strikes against the country. The crude had surged over 20% in July, briefly touching $100 to $110 per barrel on fears of a supply shock near the Strait of Hormuz. OPEC+ compounded the situation by approving an additional production increase of 188,000 barrels per day for September 2026. Bitcoin and ether remained stable, trading around $62,800 and $1,858 respectively, as crypto markets were preoccupied with their own sector-specific challenges.
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