International oil prices fell by around 5% on the 3rd (local time) after U.S. President Donald Trump canceled a previously announced massive airstrike against Iran and shifted toward resuming dialogue.

On this day, the closing price for October Brent crude futures on the ICE Futures Exchange settled at $83.77 a barrel, down 4.7% from the previous trading session.

On the New York Mercantile Exchange, the closing price for September West Texas Intermediate (WTI) crude futures settled at $80.34 a barrel, down 5.1% from the previous trading session.

Due to this sharp decline, WTI futures recorded their lowest closing level since July 16.

Previously, President Trump signaled a powerful airstrike against Iran during a cabinet meeting he presided over at Camp David, Maryland, on July 31.

There had also been forecasts that the war would escalate as the United States, alongside Israel, struck Iran's energy infrastructure over the weekend (August 1–2).

However, after announcing on social media on the night of the 1st that the attack was abruptly canceled at the request of Middle Eastern nations, he told reporters on the 2nd that "there is an agreement regarding Hormuz," followed by plans for a denuclearization agreement with Iran.

In particular, he stated that talks with Iran would begin on the afternoon of the 3rd.

Conversely, Iran denied that any talks with the United States were scheduled.

Esmaeil Baghaei, spokesperson for Iran's Ministry of Foreign Affairs, stated during a briefing that negotiations are currently underway with Oman to secure safe passage routes for ships traversing the Strait of Hormuz. He drew a line by stating that these negotiations are "a matter between Iran and Oman," which share the Strait of Hormuz within their territorial waters, leaving no room for U.S. intervention.

Experts note that uncertainty over oil prices remains unresolved, given that the pattern of President Trump threatening a massive airstrike, holding it off under the pretext of dialogue, and Iran denying the talks themselves has repeatedly occurred since the armistice memorandum of understanding (MOU) signed between the U.S. and Iran in mid-June was broken.

Oil trading advisory firm Ritterbusch and Associates evaluated in a report that "today's sharp sell-off in crude futures appears to be another overreaction to President Trump's remarks."

Meanwhile, seven member countries of OPEC+—comprising the Organization of the Petroleum Exporting Countries and major oil-producing allies—held a video conference the previous day and agreed to increase production by 188,000 barrels per day starting in September.

(Photo: AP, Yonhap News)