Brent crude climbs back above $84 early on Tuesday, recovering part of Monday's 5 percent slide

Brent crude rose 1.07 percent to $84.67 a barrel early on Tuesday, 4 August 2026 (13 Mordad 1405), while West Texas Intermediate gained 0.91 percent to $81.07. Separate market data put Brent at $84.35 over the same early hours, up 0.69 percent.

The move recovers part of Monday's decline on 3 August (12 Mordad), when Brent fell more than 5 percent and retreated to around $83.4. The main driver of that fall was trader focus on the resumption of US and Iran negotiations and the prospect of an agreement on fully reopening the Strait of Hormuz.

The rebound coincided with fresh ambiguity in the two sides' accounts: Iran denied holding direct talks with Washington and said its discussions with Oman on increasing shipping through the Strait of Hormuz are continuing. At the same time, the UK Maritime Trade Operations centre reported that an unknown projectile struck a cargo vessel near Khasab, Oman. Oil prices are the main channel through which developments in the Strait of Hormuz reach Iran's foreign currency earnings and its domestic currency market.