According to CNBC, U.S. Treasury Secretary Scott Bessent said on August 4 that the U.S. and Iran could reach an agreement as soon as today or tomorrow to reopen the Strait of Hormuz and normalize relations following the pause in U.S.-Iran military tensions. WTI crude for September delivery fell 5.69% to $75.77 per barrel, while Brent crude for October delivery dropped 5.26% to $79.36 per barrel. WTI declined for the second consecutive day by more than 5%, closing below $80 for the first time since July 28.