Oil Price Rises as Iran-Oman Hormuz Deal Nears but Reopening Remains Uncertain Oil prices edged higher on Monday as uncertainty persisted over the reopening of the Strait of Hormuz, with Iran saying a deal with Oman defining new shipping lanes was in its final stages but insisting the United States must still meet additional conditions before the strategically vital waterway could fully resume operations. Brent crude futures rose 91 cents, or 1.09%, to $84.46 a barrel by 0056 GMT, while U.S. West Texas Intermediate crude futures gained 61 cents, or 0.78%, to $78.79 a barrel. The modest recovery came after both benchmarks had fallen more than 7% last week on hopes that Iran and Oman were close to reaching a deal that would lead to the reopening of the Strait of Hormuz, which carried a fifth of the world's crude oil before the war. The Diplomatic Standoff: What Iran Actually Said Iran's messaging over the weekend was carefully calibrated to project progress while pres...
August 2026 opened with a lot happening at once. Foreign policy, domestic political fights, economic jitters, and a set of primaries that could reshape the Democratic Party — it's all colliding at the same time, and honestly, it's a lot to keep track of. Iran and the Strait of Hormuz: From War to "Imminent" Deal The biggest story right now is the U.S.-Iran conflict, and specifically the wild swing from escalation to diplomacy over the weekend. Back on February 28, President Trump announced what he called "major combat operations" against Iran. Joint U.S.-Israeli strikes hit military, government, and infrastructure sites across the country. The fight has centered on the Strait of Hormuz — that chokepoint through which a huge share of the world's oil passes. Then, on August 3, Trump did something unexpected. Speaking from the Oval Office, he said he was halting planned attacks because "the perimeters of a deal" had been reached. He call...