Iran Talks Send Oil Prices into Free Fall

Oil prices saw significant fluctuations on August 4 after US Treasury Secretary Scott Bessent's announcement that the United States and Iran could reach an agreement to restore shipping through the Strait of Hormuz with free passage for commercial vessels.

Benchmark oil prices, as measured by West Texas Intermediate (WTI) crude futures, fell approximately 4% below $77 per barrel following Bessent's statement, according to Russian media.

In contrast, Brent crude initially dropped to around $80.48 per barrel but later recovered to about $81.70 per barrel.