Oil falls below $80 as traders bet on Iran deal - Businessday NG

BusinessDay

Abubakar Ibrahim

August 5, 2026

Global oil prices tumbled to three-week lows on Tuesday as traders ramped up bets that the United States and Iran were on the verge of reaching an agreement to ease tensions in the Middle East, despite the absence of a formal deal.

Brent crude fell $4.61, or 5.5 percent, to $79.16 a barrel in afternoon trading, while US benchmark West Texas Intermediate (WTI) dropped $4.70, or 5.85 percent, to $75.64 a barrel, as markets priced in the prospect of the Strait of Hormuz reopening.