Oil rebounds amid US-Iran tensions and blocked Strait
Oil prices rebounded 1% on Tuesday after a steep plunge, driven by concerns that Middle East supply remains at risk as diplomatic resolution to the U.S.-Iran war seems unlikely. Brent futures rose to $84.89 a barrel and WTI crude to $81.11, though Iran's Foreign Ministry rejected Trump's claims of ongoing negotiations to end the conflict over control of the Strait of Hormuz, a channel for about a fifth of global crude oil and natural gas shipments before the conflict.
4 August 2026 · Joy Online →