Brief by Shorts91 Newsdesk / 07:16pm on 04 Aug 2026,Tuesday International
Oil prices fell to a three-week low after US officials said talks on reopening the Strait of Hormuz had made progress. Brent crude dropped nearly 5% to below $80 a barrel, while US West Texas Intermediate also fell more than 5%. US Secretary of State Marco Rubio and Treasury Secretary Scott Bessent said a deal could be reached soon. Iran said it is holding talks with Oman, not the United States. The Strait of Hormuz is a key global shipping route for oil and gas. Markets welcomed the positive signs, but uncertainty over a final agreement remains. (PC: Getty Images)
