Oil prices fell sharply on Monday after President Donald Trump announced that he had canceled a planned military strike on Iran, raising hopes for a diplomatic breakthrough in the Middle East.
The president said the proposed agreement would include the immediate reopening of the Strait of Hormuz and an end to Iran's nuclear threat. According to the report, Trump had been considering another round of military action as prospects for diplomacy appeared to weaken.
Iran responded cautiously. Acting Defense Minister Seyyed Majid Ibn Al-Reza said Tehran treats every threat seriously despite describing recent U.S. statements as part of a psychological campaign. The report added that Iran's Fars International news agency dismissed Trump's proposal, calling it a "wish list."
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Oil prices plummet as Trump calls off Iran strike and restarts talks: Trump said talks would begin Monday after Iran and other countries asked him to pause any new attacks in the five-month-old conflict https://t.co/4LPhs5xGOu pic.twitter.com/UUodPy7qYU
— Quartz (@qz) August 3, 2026
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