04.08.2026 18:21
US Secretary of State Marco Rubio announced that progress has been made in negotiations with Iran to ensure the safe passage of ships through the Strait of Hormuz, but a final agreement has not yet been reached. US Treasury Secretary Scott Bessent said an agreement could be reached today or tomorrow to reopen the strait. Following these developments, the price of Brent crude oil fell by 4.5 percent, testing below $80 per barrel.
US Secretary of State Marco Rubio evaluated the Iran agenda at the signing ceremony of the agreement reached between the two countries in the field of civil nuclear cooperation with Paraguayan Vice President Pedro Alliana.
“I CAN SAY THAT THERE HAS BEEN PROGRESS ON THE HORMUZ AGREEMENT, BUT IT HAS NOT BEEN FINALIZED”
Stating that they are trying to reach an agreement with Iran on two issues, Rubio noted that one of them is the denuclearization of Iran, and the other is ensuring the passage of more ships through Hormuz.
Rubio said, "As we move towards long-term talks on nuclear disarmament, I believe that a discussion and negotiation process is being conducted between Oman and Iran, with our involvement, to ensure that more ships can pass through here (Hormuz) safely in the short term."
Regarding a possible agreement on Hormuz, Rubio said, "I can say that there has been progress in this process, but it has not been finalized, and I hope it happens as soon as possible."
TREASURY SECRETARY BESSENT: WE MAY REACH AN AGREEMENT TODAY OR TOMORROW TO OPEN THE STRAIT
US Treasury Secretary Scott Bessent stated that negotiations with Iran are ongoing, saying, "We have the possibility of reaching an agreement today or tomorrow to open the (Hormuz) Strait."
When asked whether Iran would collect a toll for passage through the Strait, Bessent responded that "the agreement would ensure free passage through the strait."
OIL PRICES CRASHED WITH THE POSSIBILITY OF AN AGREEMENT
Meanwhile, oil prices fell by 4.5 percent as diplomatic efforts to reduce tensions between the US and Iran continued and the possibility of an agreement to reopen the Strait of Hormuz strengthened.
The October futures price of Brent crude, which rose to $84.66 yesterday, closed the day at $83.77.
As of 16:41 today, the price of Brent crude fell by approximately 4.5 percent compared to the previous close, dropping to $79.96, testing below $80 for the first time since July 13. In the same minutes, the September futures price of West Texas Intermediate (WTI) crude was trading at $76.33.
SUPPLY CONCERNS EASED
In addition, Qatar's diplomatic initiatives also support expectations that tensions will ease in the markets.
Qatar's Foreign Ministry Spokesperson Majed al-Ansari, in a press conference held in Doha, reported that they continue their contacts with the parties to reduce tensions between the US and Iran, and that their priorities are the return to the diplomatic process and the reopening of the Strait of Hormuz to international maritime traffic.
Expressing that Qatar aims to bring Iran and the US back to the negotiation table as a mediator, Ansari said, "There is no agreement at the moment. Our primary goal is to ensure a return to the diplomatic process."
Stating that they aim for the situation in the Strait of Hormuz to return to the pre-war state, Ansari said that the regulations regarding maritime traffic in the strait should be reconsidered with the participation of all countries in the region.
THE DECISION TO INCREASE PRODUCTION BY 188 THOUSAND BARRELS DAILY ALSO HAD AN EFFECT
The intensification of diplomatic contacts and the strengthening of expectations that a ceasefire could be reached between the US and Iran are easing supply disruption concerns, creating downward pressure on oil prices.
Additionally, the decision by the OPEC+ group, consisting of the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries, to increase their production by 188 thousand barrels per day in September was also effective in the decline in oil prices.