{
  "id": 329092,
  "title": "Brent crude climbs on uncertainty over end to Iran war",
  "url": "https://urgent.news/2026/08/07/brent-crude-climbs-on-uncertainty-over-end-to-iran-war",
  "topic": "world",
  "section": "World",
  "published": "2026-08-07T21:00:00.000Z",
  "source": {
    "name": "Gulf Times Business",
    "slug": "gulf-times-business",
    "url": "https://www.gulf-times.com/article/730705/business/brent-crude-climbs-on-uncertainty-over-end-to-iran-war"
  },
  "original_language": "en",
  "account": "Oil prices surged on Friday as uncertainty swirled around negotiations to control and reopen the Strait of Hormuz, a crucial worldwide shipping lane. Brent crude futures closed at $83.55 per barrel, while US West Texas Intermediate (WTI) crude finished at $78.18 per barrel. Throughout the week, Brent crude decreased by 7.3%, and WTI declined by 7.7%. Simultaneously, Iran and Oman reportedly consented on the path ships would navigate through the strait, situated between their nations. However, it remains uncertain whether the US will endorse these conditions. Iran is demanding charges ranging from 5% to 7% of the value of cargoes transported via the strait, according to a top Iranian official. Oman, on the other hand, is deliberating on charges of approximately 3%, whereas the United States wishes to waive any fees. Gas Asia spot liquefied natural gas (LNG) prices waned this week but remained close to a four-month peak, as the US-Iran conflict kept supply and shipping risks at the forefront, while purchasing interest from South Asia counterbalanced diminished demand from Japan and China. The average LNG price for September delivery to northeast Asia stood at $20.40 per million British thermal units, a drop from $21.35 per mmBtu the previous week. A substantial portion of the spot flexibility stems from US contract volumes that Chinese and Japanese purchasers are reselling rather than expanding. In Europe, the Dutch TTF gas price closed at $18.70 per mmBtu, marking a weekly decline of 5.1%. Meanwhile, northwest European LNG prices softened as geopolitical risk premiums diminished, following reports that US President Trump announced plans for discussions with Iran.",
  "summary": "OilBrent crude oil climbed more than $1 a barrel on Friday amid uncertainty over negotiations to determine control of and reopen the Strait of Hormuz, a key global shipping artery.Brent crude futures ...",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "The Business Times - Companies & Markets",
        "title": "Brent climbs US$1 on uncertainty over end to Iran war",
        "url": "https://urgent.news/2026/08/08/brent-climbs-us-1-on-uncertainty-over-end-to-iran-war",
        "published": "2026-08-08T00:06:23.000Z"
      }
    ]
  },
  "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."
}