Oil extended gains on reports that Iran attacked “hostile targets” in the Strait of Hormuz, with Tehran seeking to bar US ships from the critical waterway in a deal with Oman.
<iframe src="https://statesidedaily.com/embed/cluster/ff300d8a92815f667a5a13466e48dbd3b27a3c8a" width="100%" height="320" style="border:0;max-width:680px" loading="lazy" title="Latest Oil Market News and Analysis for Aug. 7"></iframe>
Oil extended gains after an Iranian news agency reported that the Islamic Republic struck “hostile targets” in the Strait of Hormuz.
Oil fell for a third straight session on signs that the US and Iran are nearing a deal to reopen the Strait of Hormuz and restore millions of barrels of daily shipments disrupted by months of war.
Oil slid to the lowest in over three weeks as optimism grew that the US and Iran are moving closer to an agreement that would reopen the vital Strait of Hormuz chokepoint.
Oil fell after US President Donald Trump called off a planned attack on Iran and said new talks with the Islamic Republic would begin on Monday.
