BAKU, Azerbaijan, August 4. Global oil prices fell sharply after a senior U.S. official said Washington and Tehran could soon reach an agreement to reopen the Strait of Hormuz, easing concerns over disruptions to global crude supplies.
The U.S. benchmark West Texas Intermediate (WTI) dropped 5 percent to $76.32 per barrel, while the international benchmark Brent crude fell below $80 per barrel.
The decline followed comments from U.S. Treasury Secretary Scott Bessent, who said negotiations with Iran had made progress and that an agreement could be reached within days.
Markets interpreted the remarks as a sign that tensions in the strategically important waterway could ease, reducing risks to global energy exports.
The Strait of Hormuz is one of the world's most important oil transit routes, carrying a significant share of global crude shipments.
