According to CoinMeta, and as reported by InvestingLive, during the Asian trading session on August 3, oil prices plummeted due to Trump's remarks regarding Iran. On Monday, oil prices fell by nearly 5%, with an opening price drop of 6%. Trump stated that he had canceled plans to strike Iranian infrastructure and hinted that an agreement to reopen the Strait of Hormuz might be imminent. Markets expect that a reduction in tensions between Washington and Tehran could lower the risk of continuous disruptions to global crude oil supply. Trump told reporters on Air Force One that an agreement regarding the Strait of Hormuz had been reached, and that negotiations with Iran over nuclear disarmament were expected to begin the following afternoon. However, this statement has not yet been confirmed, and Trump's remarks about Iran have always been controversial. Meanwhile, Iran launched cruise missiles at an oil tanker sailing through the Strait of Hormuz, further exacerbating tensions in the region.