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Latest Oil Market News and Analysis for Aug. 5

Bloomberg Markets Tuesday 04 August 2026, 22:01 UTC By Kanoko Matsuyama 1 min read
Key Points

Oil Holds Two-Day Drop on Signs of Progress Toward Hormuz Deal Oil held a two-day drop on optimism a deal can be reached that would reopen the Strait of Hormuz. West Texas Intermediate slipped toward $75 a barrel, after losing more than 10% in the prior two sessions, while Brent closed below $80 for the first time in more than three weeks. Qatar said an interim proposal had been drafted and both Washington and Tehran signaled progress in talks to reopen the waterway on Tuesday.

Oil Holds Two-Day Drop on Signs of Progress Toward Hormuz Deal Oil held a two-day drop on optimism a deal can be reached that would reopen the Strait of Hormuz. West Texas Intermediate slipped toward $75 a barrel, after losing more than 10% in the prior two sessions, while Brent closed below $80 for the first time in more than three weeks. Qatar said an interim proposal had been drafted and both Washington and Tehran signaled progress in talks to reopen the waterway on Tuesday.
Latest Oil Market News (ORG) the Strait of Hormuz (LOCATION) West Texas Intermediate (ORG) Brent (PERSON) Qatar (LOCATION) Washington (LOCATION) Tehran (LOCATION)
Originally published by Bloomberg Markets Read original →

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