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Global Business News

The Economic Times

Global Business / The Economic Times

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'Hormuz deal with Iran today' Oil slips below $80 on truce hope

Oil prices experienced a significant decline on Tuesday, falling over five percent. Hopes for a diplomatic resolution to the West Asia conflict emerged. This potential resolution could improve oil flows through the Strait of Hormuz. Talks are underway with Iran to reopen the vital shipping lane. Regional officials also discussed a potential deal with Oman for passage.

5 Aug 2026 12:56 am