Oil Price Today (August 5): Crude Dips for 3rd Session Amid Hopes of a Short-Term War Deal. What's Next?
Brent and U.S. crude sank after officials said talks with Iran could reopen the key shipping route and reduce supply disruption risks.
- On Tuesday, oil prices dropped more than 5% to a three-week low after Qatari and United States officials expressed optimism about a diplomatic resolution for the Strait of Hormuz.
- The Iran war has caused global losses of more than 2.6 billion barrels of oil since February, as Iranian attacks on vessels continue to constrain shipping through the strategic strait.
- Treasury Secretary Scott Bessent and State Marco Rubio reported progress on Tuesday in talks with Iran and Oman to reopen the strait, though a final agreement remains pending.
- Goldman Sachs expects Brent crude to trade between $80 to $90 per barrel until a new United States-Iran agreement is confirmed or attacks escalate significantly.
- United States-facilitated talks between Israel and Lebanon continue through Thursday, while Simon-Peter Massabni, head of business development at a brokerage, notes the market continues pricing in lower supply disruption risks.
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Brent crude is trading at $79.21 per barrel, while diplomatic developments in the Strait of Hormuz and an unexpected increase in US crude oil inventories are putting downward pressure on prices.
The second session of August was again positive for most markets, on a day that continued to be marked by the fall in the price of oil. After the secretary of the United States Treasury, Scott Bessent, said that there was a possible agreement on the table to reopen the Strait of Ormuz, which could still advance on Tuesday, the price of oil showed drops, with Brent reaching 79 dollars. On the gold side, precious metal continues to negotiate at a …
The futures of Brent's ore rose 26 cents, or around 0.33%, to $79.62 per barrel, and the futures of West Texas's middleman rose 12 cents, or 0.16 per cent, to $75. Brent's ore at the time of the settlement reached less than $80 per barrel for the first time since last July, and Brent's ore declined at the time of the settlement yesterday by more than 5%.
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