Brent Rebounds to $84 Amid Strait of Hormuz Uncertainty

Brent crude rose $1.20 (1.44%) to $84 on August 7, 2026, recovering from a two-session dip below $80. A Hormuz agreement between Iran and Oman is reportedly near finalization, but Iran's military declared the strait closed twice in June. Hormuz carries about one-fifth of global seaborne energy supply.