Jauhn Etienne Villaruel

Employees fill tanks at a gas station in Quezon City on June 28, 2019. George Calvelo, ABS-CBN News

Article (news)

Agence France-Presse

<div><span class="fr-img-caption fr-fic fr-dib" style="width:960px;display:block" width="960"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/178571619336920190628-gas-station-GC-5717.jpg" style="width:960px" class="fr-fic fr-dib" width="960"/><span class="fr-inner" style="text-align:left">Employees fill tanks at a gas station in Quezon City on June 28, 2019. <em>George Calvelo, ABS-CBN News/File</em></span></span></span></div><p>TOKYO, Japan — Oil prices tumbled on Monday in early Asia trade after US President Donald Trump announced fresh talks with Iran to end the Middle East war and reopen the Strait of Hormuz.</p><div><a href="https://www.abs-cbn.com/news/world/2026/8/3/trump-says-new-iran-talks-set-to-start-after-calling-off-massive-attack-0812">Trump says new Iran talks set to start after calling off massive attack</a></div><p>The war, which began in late February when the United States and Israel attacked Iran, has caused oil prices to swing sharply as it effectively closed the waterway, a vital route for global oil and gas supplies.</p><p>At around 2250 GMT on Sunday, the price of a barrel of Brent North Sea, the benchmark international oil contract, for September delivery was down 4.69 percent at $83.81.</p><p>Its American equivalent, West Texas Intermediate, fell 4.67 percent to $80.72.</p><p>Trump said on Sunday that fresh negotiations with Iran will begin on Monday after holding off on major strikes against the Islamic republic to pursue a deal.</p><p>&quot;Now what we&#x27;re doing is we&#x27;re talking to them in the form of a negotiation. It begins tomorrow afternoon,&quot; he said, without providing further details of the venue of the talks or the participants.</p><p>Hours after the US had called off major strikes Iran on Sunday said it was nearing a deal with Oman over a new route through the Strait of Hormuz.</p><div><br/></div><div><strong>© Agence France-Presse</strong></div><div><strong><br/></strong></div><div><strong>RELATED VIDEO</strong></div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/bXc1lw5Jmss?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

<p>Oil prices tumbled on Monday in early Asia trade after US President Donald Trump announced fresh talks with Iran to end the Middle East war and reopen the Strait of Hormuz.</p>

Oil prices tumbled on Monday in early Asia trade after US President Donald Trump announced fresh talks with Iran to end the Middle East war and reopen the Strait of Hormuz.

Oil prices fall nearly 5 pct after US announces new Iran talks

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Oil prices fall nearly 5 pct after US announces new Iran talks

Agence France-Presse

Published August 03, 2026 08:17 AM PHT

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Agence France-Presse

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