Oil Prices Today: WTI Near $76 and Brent Near $80 as Traders Weigh Hormuz Talks and Mixed EIA Inventory Data on August 5, 2026
Oil prices dipped on August 5, 2026, with WTI near $76 and Brent near $80 as potential U.S.-Iran negotiations over the Strait of Hormuz offset a highly mixed EIA inventory report and fresh tanker strikes.
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Oil Prices Today: WTI Near $76 and Brent Near $80 as Traders Weigh Hormuz Talks and Mixed EIA Inventory Data on August 5, 2026
Oil prices dipped on August 5, 2026, with WTI near $76 and Brent near $80 as potential U.S.-Iran negotiations over the Strait of Hormuz offset a highly mixed EIA inventory report and fresh tanker strikes.
By Jason Gilbert
Founder & CEO, Fox Energy Partners
Oil prices were steady to slightly firmer on Wednesday, August 5, 2026, after a sharp selloff on August 4. Brent crude was reported near $79.41 per barrel in an AP market roundup, while a later MarketWatch market update showed Brent near $79.97 and West Texas Intermediate near $75.77 as traders weighed renewed hopes for a Strait of Hormuz arrangement and the latest U.S. inventory data.
The U.S. Energy Information Administration said commercial crude inventories for the week ended July 31 rose to 406.987 million barrels, up 2.479 million barrels from the prior week, while gasoline inventories fell by 1.643 million barrels, distillate inventories fell by 3.473 million barrels, and refinery utilization held at 96.5%.
Sources:
- EIA Weekly Petroleum Status Report landing page
- EIA Table 4 weekly stocks data
- EIA Table 9 refinery and production data
- AP market roundup on August 5, 2026
- MarketWatch oil market update
Key Takeaways
- +EIA Weekly Petroleum Status Report landing page
- +EIA Table 4 weekly stocks data
- +EIA Table 9 refinery and production data
Trust & Review
- Author: Jason Gilbert
- Reviewer: Founder & CEO, Fox Energy Partners
- Last updated: 8/5/2026
- Workflow: hybrid
Sources
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