Oil prices fall after US Treasury Secretary signals progress in Iran talks UPDATED

Benchmark oil prices fell after US Treasury Secretary Scott Bessent said the United States and Iran could reach an agreement in the coming days to restore shipping through the Strait of Hormuz with free passage for commercial vessels.

US West Texas Intermediate (WTI) crude futures dropped about 4%, falling below $77 per barrel, Caliber.Az reports, citing Russian media.

Brent crude, which initially fell to $80.48 per barrel in the immediate market reaction, later recovered to around $81.70 per barrel.

11:31

Oil prices rose on the morning of August 4 after posting steep losses in the previous session, as signs of de-escalation in the Middle East conflict continued to influence market sentiment.

October Brent crude futures were up $1.25, or 1.49%, at $85.02 per barrel on the ICE Futures exchange in London, Caliber.Az reports.

On Monday, Brent had fallen $6.35, or 7%, to settle at $83.77 per barrel.

Meanwhile, September West Texas Intermediate (WTI) crude futures gained $0.90, or 1.12%, to $81.24 per barrel in electronic trading on the New York Mercantile Exchange (NYMEX).

The contract had dropped $4.33, or 5.1%, to $80.34 per barrel in the previous session.

By Bakhtiyar Abbasov