Crude oil prices (Brent and WTI) declined sharply on August 3 after US President Trump signaled a pause in military action against Iran, citing reopened negotiations. Brent fell to $83.77/barrel (−$6.35) and WTI to $80.34/barrel (−$4.33). Iran's foreign ministry denied active negotiations, creating ambiguity. Meanwhile, Houthi-backed threats in the Red Sea have rerouted six Saudi oil tankers toward southern Africa, and Russia has reinforced shipping protection in the Azov-Black Sea corridor amid escalating Ukraine conflict tensions.