NEW YORK: Oil prices fell more than 5 per cent on Tuesday to a three-week low after comments by Qatari and US officials raised hopes for a diplomatic resolution to the Iran war that could improve oil flows through the Strait of Hormuz.
Brent crude futures were down $4.44, or 5.3pc, to $79.33 a barrel by 1:17 p.m. ET (1717 GMT). US West Texas Intermediate futures dropped $4.52, or 5.6pc, to $75.82 a barrel.
Both contracts hit their lowest prices since July 13.
Published in Dawn, August 5th, 2026