Hormuz Strait talks trigger oil price fall, Turkey to cut diesel price
U.S. Treasury Secretary Scott Bessent told CNBC that a deal to reopen the Hormuz Strait could be reached today or tomorrow, suggesting free passage for ships. His remarks helped push Brent crude down about 4.5%, from a recent high of $86 a barrel to roughly $80, while West Texas Intermediate also slipped to the mid‑$70s. The price decline was reinforced by OPEC+ announcing a daily output increase of 188,000 barrels and by diplomatic activity involving the United States, Iran, Oman and Qatar, with Iran’s spokesperson Ismail Bekayi denying direct U.S. talks and President Donald Trump describing the negotiations as Iran’s “last chance.”
The fall in global oil prices prompted Turkish authorities to plan a diesel (motorin) price reduction of roughly 6 TL per litre, slated for 5 August 2026. The cut is expected to bring diesel prices in Istanbul below 75 TL per litre and similarly lower rates in Ankara and İzmir, while gasoline prices remain unchanged.
Entities: Chevron · Exxon Mobil · Fatih Birol · Hormuz Strait · Iran · Scott Bessent · Turkey · United States
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [● 3 SOURCES] Brent crude fell about 4.5% to around $80 per barrel after Bessent's comment. (Market reaction)
- [● 2 SOURCES] U.S. President Donald Trump called the negotiations Iran's 'last chance'. (Donald Trump)
- [○ 1 SOURCE] West Texas Intermediate crude also declined, trading around $76 per barrel. (Market data)
- [● 3 SOURCES] Iran's foreign ministry spokesperson Ismail Bekayi said Iran is not in direct talks with the U.S. and negotiations are conducted via Oman. (Ismail Bekayi)
- [● 3 SOURCES] U.S. Treasury Secretary Scott Bessent said a deal to reopen the Hormuz Strait could be reached today or tomorrow. (Scott Bessent)
- [● 2 SOURCES] Turkey plans to reduce diesel (motorin) price by about 6.37 Turkish lira per litre, effective 5 August 2026. (Turkish fuel authorities)
- [○ 1 SOURCE] The diesel price cut would bring prices in Istanbul below 75 TL per litre. (Turkish fuel authorities)
- [○ 1 SOURCE] OPEC+ announced a daily production increase of 188,000 barrels in September. (OPEC+)