Brent Rises After Recent Selloff

2026-08-06 10:10 By Agna Gabriel 1 min. read

Brent crude oil rose to around $80 per barrel on Thursday, after three consecutive sessions of losses, as investors assessed the implications of a proposed shipping agreement through the Strait of Hormuz.

Iran said it had reached an agreement with Oman on a temporary shipping route, though officials stressed it would not amount to a full reopening of the strategic waterway.

Meanwhile, US officials continued to express confidence that a deal with Iran was nearing, though investors remained cautious about the durability of any lasting peace in the region.

The UK Navy reported explosions near a tanker transiting the strait, while Iran-backed Houthi militants claimed attacks on a Saudi oil tanker and threatened additional vessels in the Red Sea.

Meanwhile, US crude inventories rose from their lowest level since 2018, and Saudi Aramco cut its flagship crude price for Asian buyers, reflecting expectations of improving regional supply conditions.



News Stream
Brent Rises After Recent Selloff
Brent crude oil rose to around $80 per barrel on Thursday, after three consecutive sessions of losses, as investors assessed the implications of a proposed shipping agreement through the Strait of Hormuz. Iran said it had reached an agreement with Oman on a temporary shipping route, though officials stressed it would not amount to a full reopening of the strategic waterway. Meanwhile, US officials continued to express confidence that a deal with Iran was nearing, though investors remained cautious about the durability of any lasting peace in the region. The UK Navy reported explosions near a tanker transiting the strait, while Iran-backed Houthi militants claimed attacks on a Saudi oil tanker and threatened additional vessels in the Red Sea. Meanwhile, US crude inventories rose from their lowest level since 2018, and Saudi Aramco cut its flagship crude price for Asian buyers, reflecting expectations of improving regional supply conditions.
2026-08-06
Brent Holds Decline on Partial Hormuz Reopening
Brent traded near $79 per barrel on Thursday, holding recent losses as Iran and Oman reached an agreement on a shipping route through the Strait of Hormuz, fueling expectations of increased energy flows from the Middle East. A joint statement from both countries is currently under review and in the final drafting stage, with the proposed route expected to remain operational for two to four months, although Tehran stressed that the agreement does not amount to a full reopening of the strategic waterway. Meanwhile, US officials continued to express confidence that a deal with Iran was nearing, though investors remained cautious about the durability of any lasting peace in the region. Iran-backed Houthi militants in Yemen also claimed they had targeted a Saudi oil tanker in the Gulf of Aden and threatened other vessels in the Red Sea, underscoring ongoing risks to regional shipping.
2026-08-05
Brent Near Lows as Markets Eye Iran Agreement
Brent crude oil fluctuated below $80 per barrel on Wednesday, after losses of around 5% in each of the previous two sessions, 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. Meanwhile, Yemen's Houthis said they had attacked a Saudi vessel in the Red Sea. Still, prices remained well below recent highs.
2026-08-05