Oil at $76.30 Bets on a Hormuz Reopening Iran Says Isn't Happening

Brent settled at $76.30 a barrel on August 3 as markets priced a Strait of Hormuz reopening. Same day, Iran's Foreign Ministry spokesman Baghaei said the strait "remains closed" and will not return to its pre-war status. Reuters analysts project a 2026 Brent average of $84.50 — a gap that widens if Iran's position holds.