2026.08.0523:27:36UTC+00Oil Holds Decline on Partial Hormuz Reopening

Crude oil hovered around $75 per barrel on Thursday after three consecutive sessions of declines, as Iran and Oman reached an agreement on a shipping route through the Strait of Hormuz, bolstering expectations of increased energy flows from the Middle East. A joint statement from both countries is under review and in the final drafting phase, with the route expected to operate for two to four months. Tehran, however, emphasized that the arrangement does not constitute a full reopening of the strategic waterway. At the same time, US officials continued to signal confidence that a deal with Iran was close, though investors remained wary about the durability of any lasting peace in the region. Underscoring persistent risks to maritime trade, Iran-backed Houthi militants in Yemen claimed they had targeted a Saudi oil tanker in the Gulf of Aden and issued new threats against other vessels transiting the Red Sea.