Crea Futures: The resumption of US-Iran negotiations led to a sharp drop in oil prices, with Brent crude plunging over 7% at one point.

The core factor driving the sharp decline in oil prices is the rapid clearance of the geopolitical risk premium. Trump announced that the U.S. and Iran will resume negotiations on August 3 and indicated that there is already a framework for an agreement regarding the Strait of Hormuz. This signal caused a significant release of the geopolitical risk premium that had been factored into oil prices due to the blockage of the Strait of Hormuz. Meanwhile, OPEC issued a statement on August 2, announcing that seven major oil-producing countries in OPEC+ have decided to increase crude oil production by an average of 188,000 barrels per day in September, marking the sixth consecutive month of production increases. It is advised to remain cautious in the short term, as the current market is quite volatile.