Global oil prices suffered their steepest single-day losses in weeks on Monday, 3 August 2026. Oil benchmarks tumbled sharply on Monday after President Donald Trump cancelled a planned military strike on Iran. Source: UGCThis was after President Donald Trump announced he had called off a major planned military strike against Iran in favour of renewed diplomatic engagement. Abu Dhabi's Murban crude, which is Kenya's benchmark for oil prices, declined $5.64, or 6.60%, to $79.85 per barrel. Trump's Truth Social AnnouncementTrump posted on his Truth Social platform that Iran and other Middle Eastern nations had approached his administration requesting additional time to reach a formal agreement.