Oil Prices Tumble as Hormuz Agreement Looms

Crude oil prices continued their decline in Japan's domestic commodity futures market on August 6, as supply concerns receded following reports that the United States, Iran, and Oman are nearing a 60-day interim agreement to reopen the Strait of Hormuz without transit fees.

The most active January 2027 crude oil futures contract opened at ¥68,710 per kiloliter, down ¥270 from the previous day's settlement price. On NYMEX, WTI crude futures for September delivery fell $0.71 to $75.06 per barrel on August 5, marking a cumulative drop of more than $5 over two days.

Gold futures surged sharply to a roughly 1.5-month high, supported by falling U.S. long-term interest rates and a weaker dollar. COMEX gold futures for September delivery rose $154.30 to $4,306.90 per troy ounce on August 5.