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Oil prices dip amid talks to reopen Hormuz
Brent crude falls 0.3% to $79.15 a barrel
| Updated:
Crude oil tankers, bulk carriers and vessels anchored off Muscat, Oman. (Elke Scholiers/Bloomberg)
Key Takeaways:
- Oil prices ticked lower amid hopes for a deal setting the stage for talks that might eventually lead to an end to the war in Iran.
- Shares advanced in Europe and Asia on Aug. 5 after the U.S. stock market rallied to records, helped by strong corporate earnings reports.
- Reports on the U.S. economy showed it remains resilient even though inflation is worse than anyone would like.
NEW YORK — Stocks rose in morning trading on Wall Street on Aug. 5 and added to their records set a day earlier, while oil prices held steady.
Uncertainty about the direction of the U.S. war with Iran continues hanging over the market. President Donald Trump said a deal to reopen the Strait of Hormuz could come as early as Aug. 5. But there have been many stops and starts during the five-month old conflict that has stifled the global supply of oil and rattled energy markets.
The price of Brent crude, the international standard, fell 0.3% to $79.15 a barrel.
The S&P 500 climbed 0.5%. The Dow Jones Industrial Average added 487 points, or 0.9%, as of 9:53 a.m. Eastern time. The Nasdaq composite rose 0.3%.
The S&P 500 and the Dow both set records on Aug. 4, while the Nasdaq is less than 2% from its record. Every major index has been surging this week, giving August a strong start.
The market is leaping as companies head into the closing stretch of their latest round of earnings reports with sharp overall gains. Three-quarters of the companies within the S&P 500 have reported results so far and Wall Street expects profit growth of 50% when they are all finished.
President Trump says a deal with Iran could happen as early as today after talks continued Tuesday, warning Iran would face severe consequences if it backs out and again saying it cannot have a nuclear weapon.
CENTCOM said the Strait of Hormuz remains open, with U.S. forces… pic.twitter.com/U0fTSALAMz — Fox News (@FoxNews) August 5, 2026
The Walt Disney Co. is the latest to report strong financial results for its latest quarter. Disney rose 3.2% after easily beating Wall Street’s profit forecasts, helped by a $1 billion box office haul from “Toy Story 5” and theme park revenue.
Booking Holdings jumped 5.5% after reporting that strong travel demand drove profit and revenue growth during its most recent quarter.
SpaceX fell 10.7%, despite on late Aug. 4 reporting a smaller loss than Wall Street expected in its first quarterly report as a public company. The company did help give semiconductor giant Nvidia a 3.9% boost after announcing it would exclusively use that company’s computer chips for its artificial intelligence technology.
Strong corporate profits and expectations for more growth ahead have been steering stocks higher, despite worries about high inflation.
Treasury yields held relatively steady in the bond market. The yield on the 10-year Treasury rose to 4.64% from 4.63% late Aug. 4.
Markets in Asia rose. Benchmarks jumped more than 3% in Tokyo and Seoul as shares in computer chipmakers and other AI-related companies advanced. European markets also gained ground.
Associated Press writers Elaine Kurtenbach and Mayuko Ono contributed to this report.
