• Front-month Brent futures rose $0.62, or 0.7%, to $84.39 a barrel Published August 4, 2026 Updated 41 minutes ago Oil prices rebounded slightly on Tuesday, after plunging in the previous session, on concerns Middle Eastern supply remains at risk as a diplomatic resolution to the US-Iran war that has disrupted shipments still seems unlikely. Front-month Brent futures rose $0.62, or 0.7%, to $84.39 a barrel as of 0055 GMT after dropping 7% in the previous session to a three-week low. US West Texas Intermediate (WTI) crude was $0.61, or 0.7% higher at $80.95 after falling over 5% in the previous session to its lowest in nearly a week. Prices dropped after US President Donald Trump said on Sunday he was holding off on new attacks on Iran pending ongoing talks to end their ⁠war and settle claims over control of the key Strait of Hormuz. The waterway connects Gulf oil producers to global markets and before the conflict energy exports equal to about 20% of total consumption transited daily. However, on Monday, Iran’s Foreign Ministry spokesman Esmail Baghaei rejected Trump’s claim, saying no negotiations with the US were taking place and no meetings were scheduled. “Some of the sting has been taken out of oil prices … with Trump pausing strikes on Iran and touting a return to negotiations (though) the move lower remains fragile – oil could just as easily rebound higher if missiles start flying again or if tankers around the Strait of Hormuz come under fire once more,” said Tim Waterer, chief market analyst at KCM Trade. The dispute over the Strait of Hormuz remains a central ⁠point of contention.…