Oil prices fall as Brent drops below $80

Update

West Texas Intermediate dropped five percent to $76.32 a barrel.

Brent North Sea crude fell below $80 a barrel.

The drop followed comments by a top US official that Washington could soon reach a deal with Iran to reopen the Strait of Hormuz.

Source note: AFP news report published on 4 August 2026 at 13:41:08 UTC.

Update

The US oil contract WTI dropped 5% on hopes for a US-Iran deal.

Source note: AFP news report published on 4 August 2026 at 13:30:38 UTC.

Update

Brent North Sea crude was up 1.5% at $85.02 a barrel around 1045 GMT, while West Texas Intermediate was up 1.1% at $81.20.

BP said its second-quarter net profit more than doubled.

BP, Chevron, ExxonMobil, Shell and TotalEnergies reported combined net profits of almost $47 billion for April-June.

Saudi Aramco reported a 44% rise in net profits.

Lufthansa shares fell 11% after the airline said volatile jet fuel costs would affect full-year profit.

An unknown projectile hit a cargo ship in the Strait of Hormuz on Tuesday.

Source note: AFP news report published on 4 August 2026 at 11:20:53 UTC.

Update

Updated closing and intraday market figures around 0810 GMT, including Hong Kong's Hang Seng Index at 25,852.92 and London's FTSE 100 at 10,899.29.

Updated oil prices showed West Texas Intermediate up 0.6% at $80.78 a barrel and Brent up 1.4% at $84.93.

Updated dollar-yen rate was 157.79 yen, from 156.85 yen on Monday.

Source note: AFP news report published on 4 August 2026 at 08:16:46 UTC.

Update

South Korea's Kospi closed more than 1% higher after an up-and-down session.

Tokyo, Shanghai, Sydney, Singapore, Wellington and Jakarta rose, while London, Paris and Frankfurt also advanced.

Hong Kong, Taipei, Mumbai and Manila edged down.

Updated figures around 0715 GMT showed the Nikkei up 0.3%, Hang Seng down 0.6%, Shanghai Composite up 0.3% and FTSE 100 up 0.4%.

Oil price moves were updated to WTI up 0.4% at $80.70 and Brent up 1.1% at $84.66.

The dollar rose to 157.69 yen from 156.85 yen on Monday.

Source note: AFP news report published on 4 August 2026 at 07:27:26 UTC.

Update

Asian stocks were mixed on Tuesday, with Seoul fluctuating after recent volatility in technology shares.

Oil prices rose about 1% after falling about 5% on Monday.

Tokyo, Hong Kong and Shanghai fell, while Sydney, Singapore, Wellington, Taipei, Jakarta and Manila rose.

The yen weakened to 157.53 per dollar after gains linked to Japanese and US intervention.

Traders were watching SpaceX earnings and upcoming US jobs data.

Source note: AFP news report published on 4 August 2026 at 02:55:45 UTC.

Update

West Texas Intermediate closed down 5.1% at $80.34 a barrel and Brent fell 4.7% to $83.77.

The S&P 500 closed up 1.5% and the Nasdaq Composite rose 2.1%.

Amazon reached a $3 trillion valuation for the first time.

US and Japanese authorities confirmed they bought yen on open markets after months of weakness.

South Korea's Kospi closed down 5.1% as technology stocks fell.

Source note: AFP news report published on 3 August 2026 at 20:31:55 UTC.

Update

The Dow Jones Industrial Average closed up 1.3% at 53,178.41, a new all-time high.

All three major US equity indexes ended higher.

Oil prices fell more than 4%.

Source note: AFP news report published on 3 August 2026 at 20:08:23 UTC.

Update

West Texas Intermediate crude was down 6.1% at $79.50 a barrel around 1540 GMT, while Brent was down 4.7% at $83.84.

Paris and Frankfurt closed more than 1% higher and both hit record highs.

All main New York indices were higher in late-morning trading, while London closed slightly lower.

Trump said on social media that a US military blockade on Iranian ports would remain until there was a deal or Iran's total surrender.

The yen gained after US and Japanese authorities confirmed they had bought Japan's currency on open markets.

Asian technology stocks fell again, with South Korea's Kospi down 5.1%.

Source note: AFP news report published on 3 August 2026 at 15:59:20 UTC.

Update

The Dow Jones Industrial Average was up 1.1% about 15 minutes after the open.

The S&P 500 rose 0.6% and the Nasdaq Composite rose 0.8% in early trading.

Steve Sosnick of Interactive Brokers said markets appeared to welcome possible progress in the Persian Gulf.

The week's US calendar includes July jobs data and earnings from Disney, McDonald's and SpaceX.

Source note: AFP news report published on 3 August 2026 at 13:49:35 UTC.

Update

West Texas Intermediate was down 6.6% at $79.07 a barrel around 1340 GMT, while Brent was down 5.2% at $83.37.

New York's main indexes were higher in early trading, with the Dow up 1.2%, the S&P 500 up 0.7% and the Nasdaq up 0.8%.

The dollar fell to 156.49 yen after US and Japanese authorities confirmed currency purchases.

Paris and Frankfurt were both more than 1% higher, while London was down 0.1%.

AstraZeneca shares fell 6%, and oil companies followed crude prices lower.

Source note: AFP news report published on 3 August 2026 at 13:43:17 UTC.

Update

West Texas Intermediate was down 6.2% at $79.46 a barrel and Brent was down 5.1% at $83.40 around 1130 GMT.

Iran denied that negotiations with the United States were taking place.

European markets mostly gained, while London was flat after AstraZeneca shares fell on a merger report.

The dollar traded mixed but fell against the yen after confirmed US-Japan intervention.

Source note: AFP news report published on 3 August 2026 at 11:45:05 UTC.

Update

At around 0810 GMT, West Texas Intermediate was down 6.1% at $79.53 a barrel and Brent was down 5.0% at $83.54.

The dollar/yen rate was quoted at 156.74 yen, compared with 159.11 yen on Friday.

London's FTSE 100 was up 0.1% at the cited time, while Paris and Frankfurt also rose.

Source note: AFP news report published on 3 August 2026 at 08:26:29 UTC.

Update

West Texas Intermediate was down 6.6% at $79.11 a barrel at around 0715 GMT.

Brent North Sea crude was down 5.7% at $82.92 a barrel at around 0715 GMT.

South Korea's Kospi closed down 5.1%, with SK hynix and Samsung each losing more than 8%.

London, Paris and Frankfurt opened higher while Asian equity markets were mixed.

Source note: AFP news report published on 3 August 2026 at 07:47:29 UTC.

Update

At around 0300 GMT, West Texas Intermediate was down 5.2% at $80.26 a barrel and Brent was down 4.7% at $83.77.

Both crude contracts fell more than 5% at one point.

Saudi Arabia, Russia and five other OPEC+ members agreed to raise production by 188,000 barrels a day from September.

The yen extended gains after US and Japanese officials confirmed a rare joint intervention to support the currency.

South Korea's Kospi fell 4.0% at around 0300 GMT, with SK hynix and Samsung each losing around 7%.

Source note: AFP news report published on 3 August 2026 at 03:43:05 UTC.

Update

Brent North Sea crude for September delivery fell 4.69 percent to $83.81 a barrel around 2250 GMT Sunday.

West Texas Intermediate fell 4.67 percent to $80.72 a barrel in early Asian trade.

Source note: AFP news report published on 2 August 2026 at 23:54:21 UTC.

Update

West Texas Intermediate fell 4.7 percent to $80.72 per barrel at the opening of Asian trade after Trump announced the new talks.

The United Kingdom Maritime Trade Operations Centre reported that a tanker off Oman heard an explosion nearby, while the vessel and crew were safe.

Iranian lawmaker Hassan Ghashghavi said mediators were trying to revive a June US-Iran memorandum of understanding.

Maritime trade tracking firm Kpler said traffic through the Strait of Hormuz had dropped sharply.

Source note: AFP news report published on 2 August 2026 at 23:36:12 UTC.

Update

Trump said Iran, Saudi Arabia, the United Arab Emirates and Qatar asked him to hold off on strikes.

Trump said Saudi Crown Prince Mohammed bin Salman urged against strikes and warned of possible unintended consequences.

Trump said there was a possible deal on the Strait of Hormuz and then on Iran's nuclear programme, or what he called denuclearization.

Trump repeated that the planned strikes would have been the biggest attack since World War II.

Source note: AFP news report published on 2 August 2026 at 22:41:21 UTC.

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Trump said the negotiations with Iran would begin Monday afternoon.

Trump told reporters aboard Air Force One that Iran did not want to be attacked and had seen the attack forming.

Source note: AFP news report published on 2 August 2026 at 22:08:21 UTC.

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US President Donald Trump said new talks with Iran would begin Monday.

Source note: AFP news report published on 2 August 2026 at 21:54:35 UTC.

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US President Donald Trump said the United States and Israel had agreed to hold off on new strikes on Iran to allow diplomacy.

Trump said he had agreed to cancel an attack, subject to quickly reaching a deal.

Iranian lawmaker Hassan Ghashghavi said mediators were trying to revive the June Islamabad memorandum of understanding.

Iranian media denied that Tehran had asked Trump not to strike.

Source note: AFP news report published on 2 August 2026 at 18:33:08 UTC.

Update

US embassies in Middle Eastern capitals warned citizens on Saturday to beware of unforeseen escalation and be ready to leave.

There were no reported strikes between Friday and Sunday after Iran and the United States resumed exchanges of fire last month.

A drone struck a US-owned gas vessel in an Egyptian port on Wednesday, and Egypt is investigating without accusing any group.

A British maritime agency said an unknown projectile struck a tanker off Oman on Saturday.

Source note: AFP news report published on 2 August 2026 at 10:27:31 UTC.

Update

Iran's Fars news agency, citing a source close to Iranian negotiators, said the Strait of Hormuz would remain closed as long as the United States maintained what the source called hostile actions.

Iran's Mehr news agency, citing military officials, said Iranian armed forces were on high alert and ready for any eventuality.

Source note: AFP news report published on 2 August 2026 at 10:04:47 UTC.

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Iranian media called Trump's claim that Tehran asked the United States not to strike a “new lie”.

Source note: AFP news report published on 2 August 2026 at 09:40:54 UTC.

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Iranian state media said Iran's foreign minister spoke with Saudi Arabia, and that Tehran also spoke with Pakistan and Turkey about the risk of escalating tensions.

A British maritime agency said an unknown projectile struck a tanker off Oman.

Iran-backed Houthi rebels in Yemen denied seeking to charge ships for passage through the Bab el-Mandeb Strait.

Source note: AFP news report published on 2 August 2026 at 08:44:56 UTC.

Update

Saudi Arabia's official SPA news agency reported that Crown Prince Mohammed bin Salman emphasised dialogue to reduce tensions during the call with Donald Trump.

SPA said the crown prince stressed efforts to achieve a truce that could lead to diplomatic solutions.

The item says Trump had decided to hold off on renewed attacks on Iran after requests from Gulf countries.

Source note: AFP news report published on 2 August 2026 at 07:48:56 UTC.

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Saudi official media reported that Saudi Crown Prince Mohammed bin Salman and US President Donald Trump held a call on Middle East tensions.

Source note: AFP news report published on 2 August 2026 at 07:38:13 UTC.

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US embassies in Middle Eastern capitals warned citizens to prepare for possible unforeseen escalation and be ready to leave.

US Secretary of State Marco Rubio said Iran was willing, and in some cases eager, to discuss denuclearization and the straits, while warning Tehran could still do damage.

Egypt is investigating a drone strike on a US-owned gas vessel in an Egyptian port, and a British maritime agency said an unknown projectile struck a tanker off Oman.

Maritime trade tracking firm Kpler said traffic through the Strait of Hormuz had dropped.

Source note: AFP news report published on 2 August 2026 at 04:11:45 UTC.

Update

Trump said any deal would need the immediate, complete opening of the Strait of Hormuz and an end to what he called Iran's nuclear threat.

CBS News reported that the United States and Israel were planning joint strikes, possibly including oil refineries and power plants.

Axios reported that Saudi Crown Prince Mohammed bin Salman urged Trump to de-escalate and refrain from launching strikes.

Trump said the United States was ready to act at levels of military power not seen since World War II, but had agreed to hold fire after a request from Iran and other Middle Eastern countries.

Source note: AFP news report published on 2 August 2026 at 02:42:41 UTC.

Update

Trump said the planned attack would be cancelled only if a deal could be made rapidly.

Trump said Iran and other Middle Eastern countries asked the United States to hold off.

Trump said Israel joined the commitment to hold off.

Source note: AFP news report published on 2 August 2026 at 02:21:31 UTC.