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Oil prices drop 5% as hopes rise for a US-Iran deal to reopen Strait of Hormuz.

Market News
04 Aug 2026
FXEmpire
View Source
Bearish
Oil prices drop 5% as hopes rise for a US-Iran deal to reopen Strait of Hormuz.

Oil prices fell sharply, with WTI dropping below $76 and Brent falling under $80, as traders reacted to signals of a potential temporary deal between the US and Iran to reopen the Strait of Hormuz. Treasury Secretary Scott Bessent indicated progress and the possibility of a deal soon, which would ease geopolitical tensions and increase oil traffic through the strategic waterway. Natural gas prices also declined due to strong production and high storage levels. The market now watches for confirmation of the deal and its impact on oil supply and prices moving forward.

More News

Tokenized stock trading hits $3B weekly, led by Robinhood Chain, BNB, and Solana networks.

Tokenized stock trading hits $3B weekly, led by Robinhood Chain, BNB, and Solana networks.

Tokenized equity trading volume reached nearly $3 billion weekly in August, driven mainly by Robinhood Chain, BNB Chain, and Solana. Despite this growth, only about 5% of tokenized stocks are used in onchain financial applications, with total value l...

Market News
Bullish
4 hours ago
Ethereum introduces EIP-8141 with frame transactions to enhance scalability and native account abstraction.

Ethereum introduces EIP-8141 with frame transactions to enhance scalability and native account abstraction.

Ethereum is set to upgrade its network with EIP-8141, introducing 'frame transactions' that split one transaction into up to 64 programmable frames. This new transaction type enables native account abstraction, gas sponsorship, and atomic batching, a...

Protocol Fundamentals
Bullish
4 hours ago
30 institutions hold $75M in Hyperliquid ETFs, led by Brazil's Wealth High Governance Asset Management.

30 institutions hold $75M in Hyperliquid ETFs, led by Brazil's Wealth High Governance Asset Management.

As of June 30, 2026, thirty institutional investors collectively held about $74.9 million in Hyperliquid ETF products, with Brazil's Wealth High Governance Asset Management leading at nearly $24 million in the 21Shares' THYP fund. These ETFs track th...

Market News
Bullish
4 hours ago
Useless Coin surges 300% in a week but faces possible pullback after intense buying.

Useless Coin surges 300% in a week but faces possible pullback after intense buying.

Useless Coin (USELESS) hit a 10-month high of $0.286 after rallying 300% in a week, driven by strong buying and new holders. Despite intense buying pressure and positive momentum indicators, the rally may be overextended, suggesting a potential pullb...

Technical Signals
Neutral
5 hours ago
Seattle Times and Newsday sue OpenAI and Microsoft over AI training on journalism content

Seattle Times and Newsday sue OpenAI and Microsoft over AI training on journalism content

The Seattle Times and Newsday have filed lawsuits against OpenAI and Microsoft, accusing them of using their journalism content without permission to train AI models. The lawsuits warn that generative AI could severely damage the journalism industry ...

Market News
Bearish
5 hours ago
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