Oil prices fall as Iran ceasefire talks fuel hopes of an end to the conflict
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The price of oil has changed (Photo: REUTERS/Stringer)
Oil prices extended losses after plunging over the previous two trading sessions, as easing geopolitical tensions and expectations of improving oil supply continued to weigh on the market on Aug. 5
Investors are closely watching diplomatic efforts aimed at ending the war with Iran, as well as the prospects for restoring shipping through the Strait of Hormuz.
As of 0330 GMT, Brent crude futures fell 92 cents, or about 1.2%, to $78.44 a barrel. Prices have declined more than 12% since the start of the week.
U.S. West Texas Intermediate crude futures dropped $1.07, or 1.4%, to $74.70 a barrel. They have fallen more than 11% since the beginning of the week.
On Aug. 4, Qatar said mediators had made progress in ceasefire talks, adding further downward pressure on oil prices.
Tehran, however, denied U.S. President Donald Trump's claim that negotiations were already underway.
"The main sticking point appears to be whether Iran will continue to insist on some degree of control over the waterway, and whether the United States will hold its ground and reject such an outcome," IG analysts said in a note.
As reported, on July 22, U.S. President Donald Trump said the United States would destroy a bridge or power plant every time Iran attacked a vessel in the Strait of Hormuz.
Overnight into July 23, U.S. forces carried out a 12th consecutive night of strikes on Iran.
On July 23, 2026, oil prices climbed to their highest level in more than six weeks as tensions escalated in the Red Sea and the United States launched another round of strikes on Iran.
On July 28, talks between the United States and Iran moved oil prices.
On July 30, oil prices fell despite renewed escalation in the Middle East.
On Aug. 3, a single statement by Trump shifted oil prices.
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