Oil Prices Drop as Iran-Oman Talks Continue

On Thursday (August 6, 2026), oil prices dropped as investors considered whether talks between Iran and Oman could lead to a U.S.-Iran peace deal. This deal might end the five-month war and reopen the Strait of Hormuz.

Brent crude futures fell by 37 cents to $79.08 a barrel, while U.S. West Texas Intermediate futures dropped by 53 cents to $74.69 a barrel. The previous day saw mixed results with Brent slightly up and WTI down.

Iran announced on Wednesday (August 5, 2026) that it is near finalizing an agreement with Oman over the Strait of Hormuz. U.S. President Donald Trump suggested a deal could be announced soon. Reopening the strait could ease economic pressure globally and help end the war.

However, the agreement may depend on the U.S. lifting its blockade of Iran’s ports. The Trump administration has previously refused any deal that would allow Iran to maintain control over the strait, as this would go against global norms and be a major loss for the U.S.