Trump Aims for Strait of Hormuz Reopening Amid Ongoing Tensions

International oil prices remained relatively stable after President Donald Trump's comments that he expects the Strait of Hormuz to reopen soon. The previous day saw a sharp drop in oil prices, but markets steadied as traders digested the news.

WTI crude traded near $80 a barrel on August 3, while Brent settled around $84 a barrel after sliding more than 5% in the previous session. Trump's comments came at the White House, where he also expressed hope for a 'good agreement' with Iran and hinted at further action if talks fail.

Markets expect Middle East tensions to persist, raising concerns over disruptions to oil shipments and potential additional attacks. Carolyn Kissane, associate dean at New York University's Center for Global Affairs, noted that de-escalation and renewed tensions could alternate as long as routes for crude shipments remain available.

Saudi crude exports fell in July, averaging 4.19 million barrels a day, down from 4.65 million barrels a day the previous month. Russia's oil supply chain has also been impacted, with Ukraine attacking energy infrastructure at least 30 times in July, including refineries and pipelines.