Brent Crude Plummets Below $80 as US-Iran Deal Hopes Rise
Crude oil prices plummeted over 1 percent on August 5th as hopes of a US-Iran deal rose. Brent Crude rates fell below $80 per barrel, a significant drop in value.
US Treasury Secretary Scott Bessent indicated that there may be a deal to open the Strait of Hormuz as soon as this week. This news comes after US President Donald Trump stated that newly planned talks with Iran are the 'last chance' for the country to forge a deal and avoid an escalation of US strikes.
Global oil expert Peter McGuire told Times Now Digital, 'crude continues to sell off and Brent now trades sub $79/barrel in Asia today. The mood is certainly bearish as demonstrated over the past few sessions and traders are expecting more news regarding the Hormuz situation from all stakeholders.'