Commodities
Brent Crude Slips Below $80 Amid Breakthrough Talks in Strait of Hormuz
The price of oil has taken a hit as Brent crude slipped below $80 per barrel and West Texas Intermediate (WTI) neared $75. This decline comes amid breakthrough talks on de-escalating tensions in the Strait of Hormuz.
Crude prices have been volatile in recent days, with Brent touching $82.92 on August 4 but retreating to $79.96 in morning trade. WTI also fluctuated, dipping below $74 before recovering slightly.
The Strait of Hormuz has been a major concern for oil markets as tensions between the US and Iran have escalated. The waterway is crucial for global oil supplies, with around 20% of the world's oil passing through it.