Shafaqna English– Crude oil prices tumbled by more than 5% on Tuesday(4 Aug 2026), closing at their lowest levels in three weeks. The sharp decline followed remarks from Qatari and American officials that fueled expectations of a potential diplomatic breakthrough in the conflict with Iran. Such a resolution could ease restrictions on oil shipments through the strategic Strait of Hormuz, thereby increasing global supply and putting downward pressure on prices.
Brent crude futures dropped by $4.41, representing a 5.3% decline, to close at $79.36 per barrel—the lowest settlement since July 13. Meanwhile, U.S. West Texas Intermediate (WTI) crude fell $4.57, or 5.7%, finishing at $75.77 per barrel, also marking a three-week low. Both benchmarks posted their steepest daily losses in recent weeks as bearish sentiment dominated trading.
Investment bank Goldman Sachs projected that Brent crude is likely to trade within a range of $80 to $90 per barrel until there is either greater clarity regarding a potential deal with Iran or a notable escalation in hostilities. The firm’s outlook suggests that prices are expected to remain range-bound in the near term, with geopolitical uncertainties continuing to be the primary driver of volatility.