World News
Latest Oil Market News and Analysis for Aug. 6
Key Points
Oil Holds Three-Day Drop as Iran, Oman Reach Hormuz Agreement Oil held losses as Iran said it reached an agreement with Oman on a proposed shipping route through the Strait of Hormuz, raising the prospect of some energy flows resuming through the critical waterway. West Texas Intermediate traded near $75 a barrel, after losing 11% in the week’s first three sessions, while Brent closed above $79 on Wednesday. A joint statement from both countries is under review, and a deal would be struck if...
Oil Holds Three-Day Drop as Iran, Oman Reach Hormuz Agreement
Oil held losses as Iran said it reached an agreement with Oman on a proposed shipping route through the Strait of Hormuz, raising the prospect of some energy flows resuming through the critical waterway.
West Texas Intermediate traded near $75 a barrel, after losing 11% in the week’s first three sessions, while Brent closed above $79 on Wednesday. A joint statement from both countries is under review, and a deal would be struck if third parties don’t obstruct the process, an Iranian official said.