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

21hMacroUS Manufacturing PMI Hits 56.0 in October, Highest Since May 2022S&P Global's US manufacturing PMI rose to 56.0 in October, beating expectations, while services and composite measures slipped slightly but remained near multi-year highs.
1dMacroNew US and Chinese AI billionaires add $87 billion in nine monthsCombined wealth of first-time AI billionaires from the US and China rose by $87 billion in the first nine months of 2026, reaching $221 billion, according to The Kobeissi Letter.
1dMacroAI token spending growth slows to 0.2% in September, lowest since November 2025Monthly AI token spending rose just 0.2% in September, the weakest pace since November 2025, as lower model prices and efficiency gains cut the average cost per million tokens.
2dMacroBorn2trade CEO: “Everything is about gold now. Gold traders dictate industry standards and features”Konstantin Rashap, CEO of Born2trade, says 70-90% of retail clients now trade gold, forcing brokers to compete on overnight swap costs, leverage and loyalty incentives rather than spreads alone.
2dMacroJapan Economy Minister Kiuchi Urges BOJ to Follow Joint StatementJapan’s economy minister Kiuchi said he hopes the Bank of Japan will guide policy appropriately based on its joint statement with the government, which calls for stable and sustainable price stability.

Related