Oil at $76.30 Bets on Hormuz Reopening Iran Denies

Brent crude settled at $76.30 on August 3 as markets priced in a Strait of Hormuz reopening. That day, Iran's spokesman Baghaei said the strait "remains closed" and won't return to pre-war status. Reuters projects a 2026 Brent average of $84.50 — a gap that widens if Iran's position holds.