Economy · Full coverage
Oil Prices Plunge Amid Optimism Over Potential Iran Strait Deal
How 4 Israeli newsrooms covered this story — translated into English and compared side by side.
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By קובי ברקת
First reported by Maariv · Aug 3, 2026
What happened
Oil prices dropped significantly amid U.S. optimism about a deal with Iran to reopen the Strait of Hormuz, a key energy route. Brent crude fell to $80 per barrel and WTI to $76. U.S. officials expect a breakthrough soon, though talks remain ongoing. The potential reopening affects global energy markets and has already influenced fuel prices in Israel.
- 01Oil prices hit a three-week low on hopes of a U.S.-Iran deal reopening the Strait of Hormuz.
- 02Brent crude futures fell about 5% to $80 per barrel; WTI dropped over 5% to $76.
- 03U.S. Secretary of State Marco Rubio confirmed progress but said talks are not finished.
- 04Treasury Secretary Scott BaSente suggested a deal could be reached soon without official details yet.
- 05The Strait of Hormuz handles about 20% of global daily oil and LNG supply, impacting energy prices.
- 06Israel has felt price volatility, with 95-octane gasoline reaching 8.09 shekels per liter in early August.
Summary translated & synthesized from the sources below by baba. Read each original for the full report.
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