Oil prices are falling sharply in reaction to sudden reports of a possible breakthrough in negotiations regarding the Strait of Hormuz. Brent crude is falling below $80 for the first time since mid-July and is down over 4% today, and about 10% over the week.

- Diplomatic signals: US Treasury Secretary Scott Bessent signaled the possibility of an agreement with Iran to unblock the route "today or tomorrow," and the Qatari Ministry of Foreign Affairs confirms intensive mediation efforts.
- Market reaction: Brent prices broke the $80 barrier for the first time since mid-July. Following the falling oil prices, precious metals are rising, and the cash S&P 500 index is setting new historical highs.
- Voice of reason: Although markets are living on hope, in the first phase of the conflict, investors were repeatedly confronted with hopes for a swift agreement. Until a formal signature, the risk of a false alarm remains high.
The price of Brent crude is falling below $80 per barrel and the 200-period moving average. The start of the session also brought a fall below the 50-period average. Source: xStation5
Palantir Earnings: High Expectations and Even Bigger Gains
Chart of the Day: Yen Falls From 40-Year Highs – What’s Next? (03.08.2026)
Morning Wrap: USA Halts Strikes – Oil Down, Stocks Up (03.08.2026)
BREAKING: BoE Keeps Rates Unchanged
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.