‎Oil falls as markets anticipate deal on Strait of Hormuz

‎<p ><img src="https://argaamplus.s3.amazonaws.com/b2d01eff-b008-488c-b03e-a5f5327fbc74.png" ></p> <p class="ckeCaption" >Oil drilling rigs</p> <hr> <p >Oil prices fell today, Aug. 6, as markets grew optimistic about talks to reopen the Strait of Hormuz, amid signs of a peace deal between Washington and Tehran that would end maritime navigation disruptions.</p> <p ></p> <p >Iranian Foreign Ministry spokesman Esmail Baghaei explained that Tehran and Muscat had reached a common understanding regarding the geographical coordinates of a shipping lane through the Strait of Hormuz, noting that the final wording of the joint declaration was being prepared, Reuters reported.</p> <p ></p> <p >While US President Donald Trump indicated that an agreement to reopen the Strait is imminent, US officials continue to emphasize their refusal to grant Iran control over one of the world's most important energy supply routes.</p> <p ></p> <table align="center" border="1" cellpadding="0" cellspacing="0" width="100%"> <tbody> <tr > <td colspan="5" > <p ><strong><span ><span ><span >Brent, WTI Futures Prices</span></span></span></strong></p> </td> </tr> <tr > <td > <p ><strong><span ><span ><span >Crude</span></span></span></strong></p> </td> <td > <p align="center" ><strong><span ><span ><span >Price ($/bbl)</span></span></span></strong></p> </td> <td > <p align="center" ><strong><span ><span ><span >Change ($)</span></span></span></strong></p> </td> <td > <p ></p> </td> <td > <p align="center" ><strong><span ><span ><span >Change</span></span></span></strong></p> </td> </tr> <tr > <td > <p ><strong><span ><span ><span >Brent (October delivery)</span></span></span></strong></p> </td> <td > <p align="center" ><span dir="RTL"><span ><span ><span >79.20</span></span></span></span></p> </td> <td > <p align="center" ><span dir="RTL"><span ><span ><span >(0.25)</span></span></span></span></p> </td> <td colspan="2" > <p align="center" ><span ><span ><span >(0.30%)</span></span></span></p> </td> </tr> <tr > <td > <p ><strong><span ><span ><span >WTI (September delivery)</span></span></span></strong></p> </td> <td > <p align="center" ><span dir="RTL"><span ><span ><span >74.90</span></span></span></span></p> </td> <td > <p align="center" ><span dir="RTL"><span ><span ><span >(0.32)</span></span></span></span></p> </td> <td colspan="2" > <p align="center" ><span ><span ><span >(0.45%)</span></span></span></p> </td> </tr> </tbody> </table> <p ><em class="ckeCaption">*At 08:06 am Makkah time</em></p>

Publication

Argaam - UAE News · Trade Publication

Published

6th August 2026

Original report

argaam.com

ProcIntel stores what the source published in its feed — a headline, a summary and a link. It does not store or reproduce the full article.