Why Crude Oil (CL) fell 3.61% on August 3, 2026

Crude Oil (CL) fell 3.61% on August 3, 2026 — Trump halts attack plan, eases oil supply risk.

Crude oil fell 3.6% to a three-week low after Trump announced he had called off a planned military attack on Iran, defusing an immediate escalation risk that had driven prices higher over the prior month.

De-escalation removes the war-risk premium embedded in crude prices—the one-month rally had been built on the prospect of Iranian counterstrikes and potential Strait of Hormuz supply disruptions, neither of which…

Oil & Geopolitics theme has cooled after an Iran-strike-driven rally, but the underlying tension remains live—this pullback reflects a repricing of near-term escalation risk, not a fundamental shift in supply or demand;…

If Trump reverses course and plans are reinstated, or if any shipping incident or Iranian response resurrects supply-disruption risk, crude could spike back through recent highs; continued soft global demand or…