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macroAug 5, 2026, 11:44 AM

Brent crude falls to $79 on hopes of US-Iran-Oman deal to reopen Hormuz Strait

Brent crude futures dropped to around $79 per barrel as reports suggested the US, Iran and Oman are close to a temporary agreement to reopen the Strait of Hormuz, according to Rabobank.

BCOUSD

Brent crude futures declined to approximately $79 a barrel, driven by reports that the United States, Iran, and Oman are nearing a temporary deal to reopen the Strait of Hormuz, as noted by Rabobank’s Global Daily. The strait is a vital chokepoint for global oil shipments, and any easing of tensions could reduce supply risks.

The potential agreement comes against a backdrop of efforts to stabilize regional trade routes. While details remain unconfirmed, market participants reacted by pushing prices lower on the prospect of unfettered crude flows.

Source: FXStreet Forex News