Multiple diplomatic signals are emerging, fueling expectations of easing tensions in the Middle East and pushing international oil prices lower.

According to reports, Qatar's Foreign Ministry spokesperson, Majed al-Ansari, stated on the 4th that various parties continue efforts to de-escalate the situation in the region. While no agreement has been reached yet, the key is to return to the diplomatic track.

As reported by Al Jazeera on the 4th, al-Ansari said at a press conference in Doha that the current focus is on reducing tensions, reopening the Strait of Hormuz, and advancing the diplomatic process. "Our primary concern right now is to resume negotiations. To achieve this, we must ensure a ceasefire and reopen the Strait of Hormuz," he stated.

He noted that parties have "drafted relevant wording" for a potential agreement, and a draft deal has been circulated among the concerned parties. However, Qatar also emphasized that there is currently no scheduled direct dialogue between the U.S. and Iran, making it impossible to provide a specific timeline for a deal. It is also premature to assume an agreement between the U.S. and Iran has been reached.

Following this, U.S. media reported on the 4th that U.S. Treasury Secretary Scott Bessent stated the U.S. could reach an agreement with Iran as early as tomorrow to reopen the Strait of Hormuz.

Later, according to CCTV News, U.S. Secretary of State Marco Rubio said on August 4th that negotiations with Iran regarding the reopening of the Strait of Hormuz "have made progress," but the deal is not yet finalized. He expressed hope that an agreement "could be reached soon."

As market expectations for a diplomatic breakthrough continue to rise, international oil prices have extended their losses. As of the time of writing, WTI crude oil has fallen by over 4.4%, trading at $76.77 per barrel.