Trump calls off Iran strikes, oil prices fall

In early August 2026, US President Donald Trump called off planned military strikes against Iran, according to multiple reports. The decision came after requests from Gulf allies and Iran, and Trump said he aims to reach a nuclear deal that would also reopen the Strait of Hormuz. Following the announcement, oil prices tumbled sharply, reflecting market relief over reduced risk of conflict in the region.

The US military released video of an F-35 fighter jet taking off from the USS Lincoln carrier, and the EU called an emergency meeting in response to the situation. Meanwhile, reports noted a sharp rise in fuel theft since the start of the Iran war, though details were not specified.