You are using an outdated browser For a better experience using this site, please upgrade to a modern web browser. Subscribe Get Daily Email Subscribe --> Contact Us Sign in Home News & Features Compliance Costs Bunker Prices Bunker Intelligence World News Latest Features World Americas EMEA Asia/Pacific Home News & Features World Oil Plummets 7% Despite Trump Threatening "Decapitation" Of Iran Oil Plummets 7% Despite Trump Threatening "Decapitation" Of Iran by Ship & Bunker News Team Monday August 3, 2026 Tweet Follow @shipandbunker Meanwhile, mixed messages abound regarding peace negotiations: File Image/Pixabay As has become the norm, oil trading on Monday seemed to be driven entirely on ill-advised sentiment, with prices dropping  a massive 7 percent after U.S. president Donald Trump cancelled a major attack on Iran – and despite the Islamic republic rejecting a planned resumption of peace negotiations, which then caused the brash billionaire to state that it was on the verge of “decapitation.” Brent fell $6.35 , or 7 percent , to settle at $83.77 per barrel; West Texas Intermediate settled down $4.33 , or 5.1 percent , at $80.34 per barrel. While pundits yet again hoped that peace negotiations could be rekindled, mixed messages prevailed once more by mid-session, with Trump condemning Iranian leaders as "duplicitous" for appearing to back away from intentions to talk on Monday. “ There will be more attacks after this market retreat Carolyn Kissane, Center for Global Affairs He wrote on Truth Social, “They ask for a meeting, some would say 'beg,' talks begin, with more scheduled in the immediate future, and they say, openly and proudly, that they’re not having any discussions, that nothing is being talked about, and they’re only dealing with ' Oman .'" Trump followed this up by stating, “I want to give them every last chance before decapitation; very tough to do.” In terms of fundamentals, the United Kingdom Maritime Trade Operations reported th