Commodity Markets Swing on Hormuz Reopening Talks as Oil Majors Post Record Earnings

에너지/원자재 | Wed Aug 05 2026 00:00:00 GMT+0000 (Coordinated Universal Time) | 8 sources

Oil prices plunged on news of imminent US-Iran Hormuz negotiations, while Aramco, BP, and Exxon supermajors saw Q2 earnings surge.

Analysis

[US Treasury (Bessent)] announced imminent agreement on Hormuz Strait reopening ^[7]

• Mentioned possibility of agreement on Tuesday or Wednesday
• Guaranteed freedom of movement for commercial vessels
• Expected release of hundreds of ships stranded in the Persian Gulf

[Trump Administration] warned Iran of 'last chance' negotiations with Qatar and Oman mediating ^[8]

• Trump held off large-scale attack on Iran and initiated negotiations
• Qatar
• Pakistan
• and Oman exchanged drafts as mediators
• Iran officially denies direct negotiations are underway

[Saudi Aramco] posted 33% jump in Q2 net income and operated East-West Pipeline ^[5]

• Adjusted net income of $33.4 billion beat market expectations of $31.6 billion
• Operated 1
• 200km East-West Pipeline at up to 7 million barrels/day to bypass Hormuz
• To pay $21.9 billion in Q2 base dividend

[BP·Exxon·Chevron] reported major Q2 earnings improvements amid Trump's 'profiteering' criticism ^[6]

• BP underlying net income of $5.7 billion beat expectations of $5 billion
• Exxon net income more than doubled to $14.5 billion
• Chevron surged about 400% to $12 billion
• Trump publicly criticized oil companies for 'making too much money' from rising oil prices

[International Oil Prices] fell for third consecutive session on Hormuz negotiation progress ^[2][8][3]

• Expected release of supply trapped in Persian Gulf upon Hormuz reopening
• WTI at $76.77 (-4.44%)
• Brent at $80.84 in volatile trading
• Emerging market currencies rebounded as oil fell below $80

[Gold·Codelco] saw gold trade steady and Codelco halt largest copper mine expansion ^[1][4]

• Hormuz progress eased inflation concerns
• gold traded in narrow range
• Reduced bets on Fed rate hikes
• Codelco halted life extension project at Chile's largest copper mine due to new seismic risk

Sources

• [1] Gold Holds Steady as Progress on Hormuz Trims Rate-Hike Bets - Bloomberg Markets
• [2] Latest Oil Market News and Analysis for Aug. 5 - Bloomberg Markets
• [3] Most Emerging-Market FX Gains as Oil Dips Below $80 Per Barrel - Bloomberg Markets
• [4] Codelco Halts Expansion Work at Top Mine on New Seismic Risk - Bloomberg Markets
• [5] Saudi Aramco profits jump 33% in second quarter as Iran war squeezes oil supply - CNBC Earnings
• [6] BP profit more than doubles as Trump blasts Big Oil for ‘making too much money’ - CNBC Earnings
• [7] Bessent says there may be deal Tuesday or Wednesday to open Strait of Hormuz with 'freedom of movement' - CNBC Energy
• [8] ‘Last chance’: Bessent says Hormuz deal is in sight after Trump's warning on Iran talks - CNBC Energy