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Line chart showing WTI crude oil's price level falling 13.6 percent from its July 23 peak to $75.20 by August 5, 2026.

The rally priced Wednesday's Strait of Hormuz headline as a reopening, but officials describe something narrower: a 60-day negotiating window in which Iran would control security, demining, and maritime services rather than cede the strait outright. Iranian, American, and Omani accounts of the arrangement already conflict, with a US official disputing Iran's own characterization of the talks. The closest precedent, a June 17 memorandum on the same subject, collapsed within three weeks.

This chart is presented for general informational purposes only and does not constitute financial, investment, tax, or legal advice. Figures reflect the source and period indicated and may no longer be current.

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