Oil Prices Plunge on Hopes for US-Iran Peace Deal and Hormuz Reopening

Sprague Energy, Trading Economics, bloomingbit · Aug 04, 2026 00:00

Brent crude fell to $79.36/bbl, down 5.26% from the previous day, while WTI dropped 3% intraday to $77.65/bbl on August 4, 2026. This significant price decline is attributed to growing hopes for a peace deal between the U.S. and Iran, which could lead to the full reopening of the Strait of Hormuz and ease supply disruption concerns.