Global crude oil prices fell over 5% to their lowest point in three weeks after the U.S. Secretary of State and Treasury Secretary announced progress in talks to reopen the Strait of Hormuz, with a possible agreement expected within days.
On 4 August 2026, international news agencies reported that global crude oil prices dropped to their lowest in three weeks on Tuesday, 4 August, amid hopes that the U.S. and Iran might reach an agreement to reopen the Strait of Hormuz, a vital route for transporting oil and liquefied natural gas.
Brent crude oil prices fell nearly 5% to below $80 per barrel, or about 2,600 baht per barrel, following signs that oil supply disruptions may ease. Meanwhile, West Texas Intermediate crude dropped over 5% to around $76 per barrel, approximately 2,500 baht, with both contracts hitting their lowest levels since 13 July.
U.S. Secretary of State Marco Rubio said that discussions with Iran and Oman about increasing maritime traffic through the Strait of Hormuz have made progress but no final conclusion has been reached yet. The U.S. hopes to finalize an agreement soon.
At the same time, U.S. Treasury Secretary Scott Bessent stated that an agreement to open the Strait of Hormuz could be reached as soon as Tuesday or Wednesday. He noted there is a chance to finalize a deal within 1-2 days to reopen shipping lanes and help return the conflict situation to normal. He added that if an agreement is reached, commercial vessels would be able to freely navigate the strait, though details on terms or the structure of a potential deal have not been disclosed.
However, Iran insists there are no direct talks with the U.S. and no plans to start such negotiations, stating it is discussing a new maritime passage mechanism through the Strait of Hormuz with Oman, which serves as a mediator.
Source: AFP