{
  "id": 4107915,
  "title": "Oil settles lower on clues about Fed policy, rumors of Hormuz deal",
  "url": "https://urgent.news/2026/08/29/oil-settles-lower-on-clues-about-fed-policy-rumors-of-hormuz-deal",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-29T04:13:11.000Z",
  "source": {
    "name": "The Economic Times - Top News",
    "slug": "the-economic-times-top-news",
    "url": "https://economictimes.indiatimes.com/markets/commodities/news/oil-settles-lower-on-clues-about-fed-policy-rumors-of-hormuz-deal/articleshow/133603629.cms"
  },
  "original_language": "en",
  "account": "Oil prices fell on Friday as traders considered hints about the Federal Reserve's inflation-fighting strategy and rumors of a potential agreement to reopen the Strait of Hormuz. Brent crude futures dropped to $89.31 per barrel, while West Texas Intermediate crude ended at $83.40 per barrel. Over the past week, Brent crude declined by more than 5%, and WTI decreased by over 4%.\n\nFederal Reserve Chairman Kevin Warsh hinted at a possible rate hike later in the year to combat inflation, which further pressured oil prices. Analyst Phil Flynn stated that strong market conditions for Ukraine strikes on Russian refineries are present, though there are many rumors about a possible Hormuz deal. The war with Iran has been ongoing for six months.\n\nTraders are monitoring the return of oil flows through the Strait of Hormuz, which transports about 20% of global oil production before the conflict began. Janiv Shah, a Rystad analyst, noted that additional flows and Iran-Oman shipping have surprised the market. The U.S. announced the strictest sanctions on Iran, while Tehran claimed the sanctions were inhumane and ineffective. Mediators are working to reopen the Strait, with Tehran agreeing to a list of conditions.\n\nOil flows through the strait have been inconsistent, with seven commodity vessels passing through on Thursday, compared to 17 the day before. The Bab el-Mandeb chokepoint saw 17 vessels transit, six entering and 11 exiting. Goldman Sachs estimated that Gulf exports were 15 million to 16 million barrels per day, 7 million to 8 million bpd below pre-war levels but 5 million to 6 million above the March low. The outcome of OPEC, China's demand, and global refinery issues are all tied to this volatile situation.",
  "summary": "On Friday, oil prices dipped, driven by signals from the Federal Reserve and circulating rumors regarding the Strait of Hormuz. Market traders assessed the possibility of rate hikes by the U.S. Federal Reserve aimed at battling inflation. Additionally, talks of a potential agreement to reopen the Strait influenced the market dynamics, which were affected by inconsistent oil flows, as U.S.…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "The Business Times - Companies & Markets",
        "title": "Oil settles lower on clues about Fed policy, rumours of Hormuz deal",
        "url": "https://urgent.news/2026/08/29/oil-settles-lower-on-clues-about-fed-policy-rumours-of-hormuz-deal",
        "published": "2026-08-29T00:32:43.000Z"
      },
      {
        "outlet": "The Peninsula Qatar Business",
        "title": "Oil settles lower on clues about fed policy, rumours of Hormuz deal",
        "url": "https://urgent.news/2026/08/30/oil-settles-lower-on-clues-about-fed-policy-rumours-of-hormuz-deal",
        "published": "2026-08-30T06:44:08.000Z"
      }
    ]
  },
  "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."
}