Live Update 
From the Liveblog of
Tuesday, August 4, 2026
From the Liveblog of
Tuesday, August 4, 2026
Oil prices plunge after Bessent says Hormuz deal could come tomorrow
Add ToI as a Preferred Source on GoogleOil prices tumble after US Treasury Secretary Scott Bessent’s statement that Washington could soon reach a deal with Iran to reopen the Strait of Hormuz.
The main US oil contract, West Texas Intermediate, drops five percent to $76.32 a barrel, while the international benchmark Brent North Sea crude falls back below $80 a barrel.
In an interview with CNBC today, Bessent said: “We are in talks with the Iranians, and I think there is a chance we may have a deal today or tomorrow to open the strait and move towards a more normalized position in this conflict.”
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