Oil gains amid US-Iran talks
Contact us for free advertisements. Subscribe to the digital version of Al-Sabah newspaper and LE TEMPS. Crude oil prices rise amid ongoing uncertainty over US-Iran negotiations and the possibility of renewed confrontation, along with the continued closure of the Strait of Hormuz. Today, Tuesday, August 4, 2026, oil prices increased amid concerns over the ongoing ambiguity in the negotiations between the United States and Iran and the potential for renewed conflict, compounded by the continued closure of the Hormuz Strait. Futures for West Texas Intermediate rose to $80.77 per barrel, a 0.54% increase, while Brent crude reached $84.72 per barrel, up 1.13%. The price movements followed an announcement by U.S. President Donald Trump that new attacks on Iran would be postponed until the ongoing talks to resolve disagreements over control of the Strait of Hormuz are concluded. The strait connects Gulf oil producers with global markets and accounts for approximately 20% of global consumption before the escalation of the conflict.
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