The Price Of Brent Crude Oil Plummeted Below $80 Per Barrel

Prices fell amid renewed hopes for a de-escalation of the conflict in the Middle East.

The price of October Brent crude oil futures plummeted 4.83% during trading on Tuesday, August 4, hitting a low of $79.73 per barrel. This is according to trading data. The last time oil traded below $80 per barrel was on July 13, 2026.

Oil prices fell on Tuesday following comments by U.S. Treasury Secretary Scott Bessent, which heightened expectations of a diplomatic resolution to the Middle East conflict and the resumption of shipping through the Strait of Hormuz.

Scott Bessent stated that an agreement to reopen the Strait of Hormuz could be reached in the coming days. The deal could take place on Tuesday or Wednesday and would provide for the free movement of commercial vessels.

On August 1, U.S. President Donald Trump announced that he had called off planned strikes against Iran in order to reach a new deal. He later noted that negotiations were set to begin on August 3, but the Iranian Foreign Ministry called these statements untrue.

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