According to CoinMeta, on August 3, oil prices fell due to U.S. President Donald Trump's decision not to authorize new attacks on Iran. The price of Brent crude oil futures dropped by $4.23, a 4.8% decline, to $83.70 per barrel. WTI (West Texas Intermediate) crude oil also fell by $5.07, a 6% decline, to $79.60 per barrel. Both witnessed their largest single-day declines since last week. Trump stated on social media that Iran and other Middle Eastern countries have requested time to reach an agreement aimed at "immediately, completely, and thoroughly" re-opening the Strait of Hormuz and ending Iran's nuclear threat. The Organization of Petroleum Exporting Countries (OPEC) and its allies have approved an increase in oil production quotas by about 188,000 barrels per day starting from September.