10:23 - 4.08.2026

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August 4, Fineko/abc.az. Oil prices rebounded slightly on Tuesday following a sharp sell-off in the previous session, driven by ongoing concerns over potential supply disruptions in the Middle East as a diplomatic breakthrough between the US and Iran remains distant.

October Brent crude futures rose 0.7% to $84.39 per barrel, while US West Texas Intermediate (WTI) crude advanced 0.7% to trade at $80.95 per barrel.

Prices recovered after Iran's Foreign Ministry denied engaging in active negotiations with Washington, coupled with fresh maritime security reports from the UK Maritime Trade Operations (UKMTO) regarding a vessel incident near the Strait of Hormuz. According to Barclays, net crude and refined product exports through the Strait of Hormuz averaged 4.2 million barrels per day in the week ending July 31.