Texas oil falls 0.87% as market awaits Hormuz Strait progress

Texas Intermediate (WTI) crude oil prices opened lower on August 7, 2026, dropping 0.87% to $76.62 per barrel. The market is closely watching ongoing U.S.-Iran negotiations concerning the reopening of the Strait of Hormuz, a critical global energy route.

Futures contracts for WTI crude for September delivery were down $0.67 from the previous close at 9:00 AM local time (13:00 GMT). The talks between the United States and Iran have yet to yield an agreement, with significant differences remaining on the conditions for restoring maritime traffic through the vital strait.

U.S. President Donald Trump stated on Thursday that he is "personally involved" in the negotiations with Iran to reopen Hormuz. He expressed optimism, saying discussions are progressing "very well" and hinted at a possible agreement "soon." "I am involved in the negotiation. I think we are doing very well. It could be. It could be soon," Trump said at the White House.

Meanwhile, Tehran indicated on Wednesday that it had received messages from the U.S. expressing a willingness to recommit to the June memorandum of understanding. However, Iran has not yet decided whether to resume negotiations. Separately, Iran and Oman have advanced a proposal for new navigation conditions, though U.S. and regional sources suggest outstanding issues remain before full reopening can be considered.

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I am involved in the negotiation. I think we are doing very well. It could be. It could be soon.