Iran Seeks Hormuz Control, Oil Falls 5 Per Cent and Wall Street Hits Records

Headline news for August 5, 2026: Iran wants full control of inbound shipping through the Strait of Hormuz under a framework being negotiated with Oman and its position is unlikely to change. Oil falls more than five per cent and Wall Street closes at record highs as hopes grow for a diplomatic resolution to the Iran war. 

Synopsis: A round up of global headlines to start your day by The Business Times. 

Written by: Claressa Monteiro (claremb@sph.com.sg)

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Produced by: BT Podcasts, The Business Times, SPH Media

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