Oil Prices Steady Below $80 as Hormuz Blockade Keeps Investors on Edge Amid US-Iran Standoff

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Geopolitics

5 August 2026 at 11:54 am

Oil Prices Steady Below $80 as Hormuz Blockade Keeps Investors on Edge Amid US-Iran Standoff

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Summary

Oil prices saw a slight increase on Wednesday, remaining below $80, as investors closely monitor diplomatic efforts to resolve the US-Iran standoff and secure access to the Strait of Hormuz. While US crude and gasoline inventories rose, distillate stocks experienced a decline.

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