Oil Prices Plummet as Hormuz Strait Resume Hopes Rise

Oil and gasoline prices have been fluctuating significantly in recent days. On August 5, WTI oil prices decreased by 0.73%, while Brent oil increased by 0.11%. However, as of this morning's session on August 6, both oil items simultaneously decreased.

The current price of WTI oil is at $74.81 per barrel, down 0.41 USD from the previous trading session. Brent oil has also decreased to $79.19.98 per barrel, down 0.25 USD from its previous price.

The market expects the Hormuz Strait to soon resume operations, which would help stabilize oil prices. US Treasury Secretary Scott Bessent expressed optimism that oil prices could soon stabilize if the US and Iran reach an agreement related to the Strait of Hormuz.