{
  "id": 115470,
  "title": "Oil ticks up after selloff as talks to end US-Iran war remain uncertain",
  "url": "https://urgent.news/2026/08/04/oil-ticks-up-after-selloff-as-talks-to-end-us-iran-war-remain-115470",
  "topic": "world",
  "section": "World",
  "published": "2026-08-04T03:49:00.000Z",
  "source": {
    "name": "MyJoyOnline Ghana",
    "slug": "myjoyonline-ghana",
    "url": "https://www.myjoyonline.com/oil-ticks-up-after-selloff-as-talks-to-end-us-iran-war-remain-uncertain/"
  },
  "original_language": "en",
  "account": "Oil prices rebounded by 1% on Tuesday, following a sharp decline the previous day, as uncertainty loomed over potential diplomatic solutions to the ongoing U.S.-Iran conflict. The front-month Brent futures surged $1.12, or 1.3%, to $84.89 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 77 cents, or 1%, to $81.11 after plummeting over 5% in the prior session. The price surge came as President Donald Trump expressed hesitance to launch new attacks on Iran, pending ongoing negotiations aimed at ending the war and addressing disputes over control of the crucial Strait of Hormuz. This strategic waterway, which accounts for roughly a fifth of global crude oil shipments, had been a vital conduit for oil and natural gas transport prior to the conflict.\n\nHowever, the optimism surrounding a potential resolution was put to the test on Monday when Iran's Foreign Ministry spokesman, Esmail Baghaei, dismissed Trump's claim, stating that no negotiations were currently underway and no meetings were scheduled. \"The scale of the sell-off seems fairly overdone, given that there's still considerable uncertainty,\" noted analysts at ING. With Iran refuting the existence of any talks, and Trump issuing stern warnings should no deal materialize, the path to a resolution remains fraught with potential for further escalation.\n\nThe Hormuz dispute has emerged as a critical point of contention in ongoing talks. Washington maintains that a June memorandum of understanding obliges Iran to open the waterway, while Tehran asserts that the document retains its sovereign rights. According to Barclays analysts, crude oil and refined product net exports through the Strait averaged 4.2 million barrels per day in the week ending July 31, compared to 3.2 million the week prior. Additionally, six Saudi-flagged supertankers diverted from the Gulf of Aden to southern Africa, while two Saudi oil tankers crossed the Bab el-Mandeb Strait, according to shipping data released on Monday.\n\nDespite these movements, shipping traffic at the key Gulf waterways of Bab el-Mandeb and the Strait of Hormuz remained largely unchanged at the beginning of the week. The United Kingdom Maritime Trade Operations agency issued an alert on Tuesday regarding an incident 20 nautical miles northeast of Oman's Al Khasab, where a cargo vessel reported being struck by an unidentified projectile via VHF channel 16. While hostilities between Saudi Arabia and the Houthis have not entirely halted energy flows, they have resulted in longer voyage times, increased insurance premiums, and occasional route diversions. Tim Waterer, chief market analyst at KCM Trade, highlighted that the Strait of Hormuz continues to pose a dual chokepoint risk to the market, hindering a complete unwinding of oil's geopolitical premium.",
  "summary": "Oil prices rebounded 1% on Tuesday from a plunge in the previous session, fuelled by concerns that Middle East supply remains at risk as a diplomatic resolution to the U.S.-Iran war that has disrupted shipments still seems unlikely.",
  "key_points": [
    "Oil prices rise 1% after previous day's sharp decline",
    "Uncertainty over U.S.-Iran talks fuels price movement",
    "Strait of Hormuz remains critical chokepoint for oil shipments"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}