EnergyReader · 2026-08-06 23:41

Oil Extends Decline as Trump Suspends Iran Strikes, OPEC+ Loosens Quotas

By EnergyReader Newsroom · August 6, 2026

ICE Brent crude front-month fell more than 5% to $83.47 a barrel in early Asian trade on Monday (2026-08-03) after President Donald Trump called off another round of planned military strikes on Iran, extending a decline that had already taken the benchmark sharply lower in the final days of July. NYMEX WTI front-month dropped 5.88% to $79.77 on the same session. By Thursday (2026-08-06), Brent had barely moved from those lows, trading at $83.08, down 0.26%, while WTI held at $78.09.

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