09:50 - 6.08.2026

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August 6, Fineko/abc.az. Oil prices dropped on Thursday as negotiations between Iran and Oman raised expectations of a potential diplomatic breakthrough between Washington and Tehran that could reopen the Strait of Hormuz to full maritime traffic.

Brent crude futures fell 0,5% to $79.08 per barrel, while U.S. West Texas Intermediate (WTI) crude slid 0.7% to $74.69 per barrel. Market analysts noted that prices have retraced to levels seen following the temporary truce reached in mid-June, with investors closely monitoring whether a permanent agreement can be secured.

Adding to the bearish momentum, data from the U.S. Energy Information Administration (EIA) revealed an unexpected build in domestic crude inventories. For the week ending July 31, U.S. crude stocks rose by 2.5 million barrels to reach 407 million barrels, confounding market expectations of a 1.5 million-barrel draw.