Oil prices dip as Iran and Oman make progress on Hormuz shipping talks

According to Reuters, published by Shafaq News on Thursday, August 6, 2026 (15 Mordad 1405), global crude oil prices fell as Iran and Oman made progress in talks on reopening the Strait of Hormuz. Brent crude fell 33 cents, or 0.42 percent, to $79.12 a barrel, while US West Texas Intermediate declined 42 cents, or 0.56 percent, to $74.80 a barrel. Iran's Foreign Ministry spokesperson Esmaeil Baghaei said on Wednesday, August 5, 2026, that Iran and Oman had reached an understanding on the geographic coordinates for a shipping route through the strait and that a joint statement was being finalized, provided certain third parties did not interfere. Reuters reported that the proposal under discussion would give Tehran control over ships entering the Gulf through the Strait of Hormuz, one of the biggest concessions offered to Iran so far, according to a senior Iranian source and two regional officials. There was no immediate US comment on the proposal, and US officials have repeatedly said they would not agree to Iran controlling access to the key energy trade route. Persian Gulf countries' crude oil and condensate exports were largely steady in July but remained about 40 percent below pre-war levels, shipping data showed.