US Treasury Secretary Scott Bessent said on August 4 that the United States and Iran could reach an agreement to reopen the Strait of Hormuz to commercial shipping, with potential outcomes by August 5 or 6. The announcement sent US crude oil prices tumbling nearly 6%, falling below $76 per barrel, as traders priced in the possibility of a major de-escalation in a conflict that has choked one of the world’s most critical maritime corridors. Roughly a fifth of the world’s daily oil consumption passes through the strait, where hundreds of commercial vessels have been stalled waiting to transit. Negotiations mediated by Oman are ongoing despite Iranian officials denying that direct talks with Washington are even taking place.
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