Brent Crude Dips Amid Hopes for Hormuz Deal, Stocks Rise

Oil prices dipped on August 5 amid optimism over a potential deal to reopen the Strait of Hormuz, a major shipping route in the Middle East. The price of Brent crude, the international standard, fell 0.3% to $79.15 a barrel.

The talks between Iran and the US come as the conflict between the two nations has stifled global oil supplies and rattled energy markets. President Donald Trump said on August 5 that a deal could be reached as early as today.

Despite concerns over inflation, stocks rose globally, with the S&P 500 climbing 0.5% and the Dow Jones Industrial Average adding 487 points, or 0.9%. The Nasdaq composite rose 0.3%.