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Oil falls 5% after Trump calls off Iran strikes, says Hormuz deal agreed
Oil falls 5% after Trump calls off Iran strikes, says Hormuz deal agreed
Oil prices fell after President Donald Trump said on Sunday that he had suspended planned strikes on Iran following a request from Tehran and other Middle Eastern countries.
Jack Dutton
Aug 3, 2026
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Prices for different petrol grades are shown at a service station in Sydney, Australia, July 31, 2026. — SAEED KHAN / AFP via Getty Images
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Oil prices retreated more than 5% on Monday after President Donald Trump again called off planned strikes on Iran and claimed the United States and Iran had reached a deal to reopen the Strait of Hormuz.
What happened: Brent crude, the international benchmark, fell to as low as $82.67 a barrel on Monday before recovering slightly to $83.29 at 10:08 a.m. EDT, down 5.27% from the day before.
Oil prices retreated after Trump said early........
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