Oil prices fall on hopes Strait of Hormuz could reopen
Both contracts dropped to their lowest levels since 13 July.US Secretary of State Marco Rubio said there had been progress made in discussions on getting more ships through the Strait with Iran and Oman."There's been progress made in those talks, but not finality yet. The Strait of Hormuz has been a central point in negotiations between the US and Iran.
- ▪Both contracts dropped to their lowest levels since 13 July.US Secretary of State Marco Rubio said there had been progress made in discussions on getting more ships through the Strait with Iran and Oman."There's been progress made in those
- ▪The Strait of Hormuz has been a central point in negotiations between the US and Iran.
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| Publication time | Tue, 04 Aug 2026 14:58:16 GMT |
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Oil prices fall as US officials raise hopes of a deal with Iran Image source, Getty ImagesByMichael RaceBusiness reporter, Reporting fromNew YorkPublished6 minutes agoOil prices fell to a three-week low on Tuesday as senior US officials raised hopes of a deal with Iran to reopen the key Strait of Hormuz waterway.US Secretary of State Marco Rubio and Treasury Secretary Scott Bessent both announced talks had progressed to allow shipments to potentially resume as soon as this week.The cost of a barrel of brent crude, the global benchmark for oil prices, fell by almost 5% to under $80 on the news of supply disruptions potentially being eased.But the failure of previous negotiations in recent months to de-escalate the conflict between the US and Iran have led to a volatile oil market, with…
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