Brent Rises as Markets Weigh Supply, Peace Hopes

2026-08-05 07:52 By Agna Gabriel 1 min. read

Brent crude oil rose to around $80 per barrel on Wednesday, snapping a two-day decline after Yemen's Houthis said they had attacked a Saudi vessel in the Red Sea.

Still, prices remained well below recent highs as investors grew increasingly optimistic that a deal to reopen the Strait of Hormuz could soon be reached.

According to Axios, the US, Iran and Oman are close to a 60-day interim agreement to reopen the waterway without tolls, with Washington aiming to announce the deal as early as Wednesday.

US President Donald Trump also struck an optimistic tone, saying negotiations with Tehran were moving along very nicely and that more would be known within 48 hours.

Meanwhile, Qatar said an interim proposal had been drafted, while reports indicated Iran was considering allowing European countries to clear mines from the strait.

Separately, Saudi Arabia reportedly held talks with Yemen's Houthi movement through Omani mediators in an effort to prevent the conflict from escalating.



News Stream
Brent Rises as Markets Weigh Supply, Peace Hopes
Brent crude oil rose to around $80 per barrel on Wednesday, snapping a two-day decline after Yemen's Houthis said they had attacked a Saudi vessel in the Red Sea. Still, prices remained well below recent highs as investors grew increasingly optimistic that a deal to reopen the Strait of Hormuz could soon be reached. According to Axios, the US, Iran and Oman are close to a 60-day interim agreement to reopen the waterway without tolls, with Washington aiming to announce the deal as early as Wednesday. US President Donald Trump also struck an optimistic tone, saying negotiations with Tehran were moving along very nicely and that more would be known within 48 hours. Meanwhile, Qatar said an interim proposal had been drafted, while reports indicated Iran was considering allowing European countries to clear mines from the strait. Separately, Saudi Arabia reportedly held talks with Yemen's Houthi movement through Omani mediators in an effort to prevent the conflict from escalating.
2026-08-05
Brent Pressured by Hormuz Deal Prospects
Brent rose above $80 per barrel on Wednesday, but held most of the losses from the previous two sessions as optimism grew over a potential interim agreement to reopen the Strait of Hormuz, boosting the supply outlook. On Tuesday, Qatar said an interim proposal had been prepared and both Washington and Tehran indicated that negotiations to restore access to the vital waterway were making progress. President Donald Trump had earlier called off planned military action against Iran to give diplomacy a chance, while reiterating his demand for the swift reopening of Hormuz. Meanwhile, Iran is reportedly weighing a proposal to allow European countries to clear mines from the strait and said discussions with Oman on securing safe shipping routes were advancing. Saudi Arabia also continued talks with Yemen’s Houthi militants through Omani mediators in an effort to keep the conflict in the Red Sea from escalating further.
2026-08-04
Brent Falls on Renewed US-Iran Peace Hopes
Brent crude oil fell more than 5% to $79 a barrel on Tuesday, reversing earlier gains as hopes for renewed diplomacy between the US and Iran eased concerns over supply disruptions. US Treasury Secretary Scott Bessent said that there is a chance of a deal today or tomorrow to open the strait. Also, Qatar said a proposed de-escalation resolution was being circulated between the parties. Brent is now down roughly 10% this week after President Donald Trump delayed planned military action against Iran to allow more time for diplomacy. Trump warned Tehran it had a last chance to reach an agreement on the Strait of Hormuz or face renewed US strikes. However, prospects remain uncertain as Iran continues to insist on controlling maritime traffic through the strategic waterway. Any failure in negotiations could reignite military tensions, threatening energy supplies and driving oil prices higher once again.
2026-08-04