US President Donald Trump announced a pause in planned military strikes on Iran’s infrastructure, triggering a sharp decline in global crude oil prices. The report, published on August 3, said oil prices fell by more than $4 per barrel immediately after the announcement.

According to Reuters, Brent crude futures had fallen $4.08, or 4.64%, to $83.85 a barrel by early Monday Bangladesh time. US West Texas Intermediate crude dropped $4.01, or 4.74%, to $80.66 a barrel over the same period.

Oil markets had previously faced major volatility as tensions rose in the Middle East. Prices for both crude benchmarks had increased by more than 20% after the United States resumed attacks on Iran last month and Iranian forces attacked several oil tankers in waters near Oman. Analysts said indications that Washington and Tehran may avoid military conflict had eased concerns about potential supply disruptions, contributing to the market decline.