Oil falls for a third day; Brent at $78.44 and down more than 12 percent this week

Oil prices fell for a third session on Wednesday, 5 August 2026 (14 Mordad 1405). According to Reuters, Brent crude futures dropped 92 cents, or about 1.2 percent, to $78.44 a barrel by 0330 GMT, while US West Texas Intermediate lost $1.07, or 1.4 percent, to $74.70. Brent has tumbled more than 12 percent so far this week and WTI more than 11 percent.

Brent closed more than 5 percent lower on Tuesday, 13 Mordad, falling below $80 for the first time since 13 July. Qatar said on Tuesday that mediators were making progress in efforts to end the war, although Tehran has denied US President Donald Trump's assertion that talks are underway.

Before the war began, some 20 percent of the world's oil and LNG transited the Strait of Hormuz, and prices rose 50 percent in March alone. Priyanka Sachdeva of Phillip Nova said that while the immediate geopolitical premium has unwound, the pullback could prove short lived if diplomatic efforts fail and physical supply is ultimately affected.