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Latest Oil Market News and Analysis for Aug. 7

Bloomberg Markets Thursday 06 August 2026, 22:01 UTC By Nicholas Lua 1 min read
Key Points

Oil Extends Gains as Iran Strikes Targets in Strait of Hormuz Oil extended gains on reports that Iran attacked “hostile targets” in the Strait of Hormuz, with Tehran seeking to bar US ships from the critical waterway in a deal with Oman. West Texas Intermediate traded near $78 a barrel, after surging almost 3% in the previous session, while Brent settled above $82. The attacks took place on Thursday night local time following explosions near Qeshm Island in Hormuz, according to the...

Oil Extends Gains as Iran Strikes Targets in Strait of Hormuz Oil extended gains on reports that Iran attacked “hostile targets” in the Strait of Hormuz, with Tehran seeking to bar US ships from the critical waterway in a deal with Oman. West Texas Intermediate traded near $78 a barrel, after surging almost 3% in the previous session, while Brent settled above $82. The attacks took place on Thursday night local time following explosions near Qeshm Island in Hormuz, according to the semi-official Fars News Agency.
Latest Oil Market News (ORG) Iran (LOCATION) Strait (LOCATION) the Strait of Hormuz (LOCATION) Tehran (LOCATION) US (LOCATION) Oman (LOCATION) West Texas Intermediate (ORG) Brent (PERSON) Qeshm Island (LOCATION) Hormuz (LOCATION) Fars News Agency (ORG)
Originally published by Bloomberg Markets Read original →

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