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FrontRow · Aug 4, 2026

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Oil prices fell sharply Tuesday after Treasury Secretary Scott Bessent indicated there may be a deal to open the Strait of Hormuz as soon as this week. Brent, the international oil benchmark, slid 5.3% to close at $79.36 per barrel. West Texas Intermediate futures lost 5.7% to settle at $75.77. "We are in talks with the Iranians," Bessent told CNBC's "Squawk Box." "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." "It would be freedom of movement," the Treasury Secretary said when asked whether Iran would be allowed to charge a toll.

Oil prices fell sharply Tuesday after Treasury Secretary Scott Bessent indicated there may be a deal to open the Strait of Hormuz as soon as this week. Brent, the international oil benchmark, slid 5.3% to close at $79.36 per barrel. West Texas Intermediate futures lost 5.7% to settle at $75.77. "We are in talks with the Iranians," Bessent told CNBC's "Squawk Box." "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." "It would be freedom of movement," the Treasury Secretary said when asked whether Iran would be allowed to charge a toll.

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