Oil Drops on Signal Strait of Hormuz May Reopen This Week

Brent crude fell nearly 5% to under $80, and US WTI dropped below $76 on August 4 — both three-week lows — after Treasury Secretary Bessent said a Strait of Hormuz reopening deal could come within days. Secretary Rubio cautioned there was "progress made" but "not finality yet." Iran shut the strait, which carried one-fifth of global oil and LNG, in late February.