commodities
Oil Prices Decline on Prospects of Strait of Hormuz Reopening
Oil prices fell due to hopes of the Strait of Hormuz reopening, following announcements of progressed talks by US officials.
Salala Times Staff 8/5/2026
Oil prices fell due to hopes of the Strait of Hormuz reopening, following announcements of progressed talks by US officials.
The ongoing conflict in Iran is expected to propel UK inflation further beyond the Bank of England's 2% target, citing rising global commodity prices and supply chain disruptions.
Oil prices fell and shares rose after the US and Iran announced a deal, including the reopening of the Strait of Hormuz.