BlockBeats, August 8 — US and Brent crude both closed lower this week, according to Bitget market data. US crude fell 1.32% to $76.35 a barrel, while Brent dropped 1.54% to $81.50.
On the news front, a US official said talks between Oman and Iran over the Strait of Hormuz are making progress, and an agreement is expected soon. Once a deal is announced to restore commercial shipping and ensure unhindered passage through the strait, the US would lift its blockade on Iranian ports. Washington's actions will continue to be based on implementation, tied to Iran fulfilling its commitments.
Separately, Hassan Kashkavi, spokesman for the Iranian parliament's National Security and Foreign Policy Committee, said Iran and Oman have clarified the overall framework of a memorandum of understanding related to Hormuz shipping. The final text and specific details will be made public shortly.
On August 6, Iran disclosed preliminary details of its proposed strategic management plan for the strait, which includes a ban on hostile parties passing through and fines of up to 20% of the cargo value for violators.