Brent Rebounds to $84 as Hormuz Status Stays Unresolved

Brent crude rose $1.20 (1.44%) to $84 per barrel on August 7, 2026, reversing a two-session slide that had pushed Brent below $80. Iran's Foreign Ministry said a joint statement with Oman on the Strait of Hormuz is in its final stage, but the military twice declared the strait closed in June. The chokepoint carries roughly one-fifth of global seaborne energy supply.