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macroAug 6, 2026, 12:50 AM

WTI Crude Hovers Near $74 on Iran-Oman Hormuz Agreement

West Texas Intermediate crude trades near $74.20 per barrel, extending its fourth day of losses as an Iran-Oman deal eases supply disruption fears in the Strait of Hormuz.

WTI

West Texas Intermediate crude oil prices remained under pressure for a fourth consecutive session, with the US benchmark trading around $74.20 per barrel during Asian hours. The decline follows news of a bilateral agreement between Iran and Oman aimed at stabilizing maritime security in the strategic Strait of Hormuz, a critical chokepoint for global oil shipments.

The deal reduces the perceived risk of supply disruptions in the region, easing upward price pressures that had built in recent sessions. Market participants are watching for further developments.

Source: FXStreet Forex News