Brent Crude Dips 0.3% to $82.26 Amid Ongoing Strait of Hormuz Uncertainty

Oil prices dipped on August 7 after rising nearly 4% the day before. The price of Brent crude, an international standard, fell 0.3% to $82.26 per barrel.

The uncertainty surrounding the reopening of the Strait of Hormuz remains a key factor in oil prices. A fifth of the world's traded oil and natural gas passes through this critical waterway.

A deal between Iran and Oman for reopening the strait is reportedly close, but no agreement has been reached yet. The conflict has had many starts and stops over the past five months.