Oil extends declines as market awaits US-Iran talks outcome

Published Aug 4, 10:08 PM UTC

Oil prices continued to decline on Wednesday, August 5, 2026, following steep falls in the previous session, as investors closely monitored ongoing negotiations between the United States and Iran. Brent crude futures dropped 92 cents, or about 1.2%, to US$78.44 a barrel by 0330 GMT. The market remains cautious as the outcome of the US-Iran talks could significantly impact global oil supply dynamics. The negotiations are still underway, with no resolution announced yet, keeping traders on edge.