10:17 - 4.08.2026

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August 4, Fineko/abc.az. Oil prices are increasing slightly on Tuesday after a sharp drop in the previous session. Concerns about disruptions in oil supplies from the Middle East continue to put pressure on the market, as a diplomatic resolution of the conflict between the U.S. and Iran remains unlikely.

October’s Brent crude futures rose 0.7% up to $84.39 per barrel. U.S. crude WTI also grew 0.7% up to $80.95 per barrel.

The Iranian Foreign Ministry's denial of information about negotiations with Washington, as well as UKMTO reports about an attack on a cargo ship near the Strait of Hormuz, fueled investors' concerns. According to Barclays, net exports of oil and petroleum products through the Strait of Hormuz averaged 4.2 million b/d last week.