Oil Futures Drop 7% on US-Iran Negotiation Expectations

WTI and Brent crude fell nearly 7% as markets priced in imminent US-Iran talks, with WTI hitting $74.78 and Brent $81.55.

Woofun AI data shows that international crude oil futures declined sharply on August 2 due to expectations of renewed negotiations between the United States and Iran. Light crude oil futures for September delivery on the New York Mercantile Exchange dropped 6.96%, reaching a low of $74.78 per barrel. Brent crude oil futures for October delivery fell 7.26%, touching $81.55 per barrel. U.S. President Trump stated that negotiations with Iran would commence the following day.