Brent and WTI crude prices rose (Aug 7: Brent +$1.06 to $83.55/barrel, WTI +$0.89 to $78.18/barrel) due to uncertainty over Iran–US negotiations regarding Strait of Hormuz shipping, with Iran proposing 5–7% transit fees and stricter enforcement. A separate drone attack on Russia's CPC pipeline (handling ~2% of global supply) has cut loading by ~20%, though supply concerns are easing after Ukraine agreed not to target non-Russian tankers. US non-farm employment fell 23,000 in July, raising expectations the Fed may pause rate hikes in September, which could support future oil demand.