Oil prices plunge: Brent drops below $79

Tengrinews.kz — Global oil prices fell sharply amid reports of a possible agreement between the United States and Iran that could lead to the resumption of shipping through the Strait of Hormuz. The price of Brent crude fell below $79 per barrel for the first time since mid-July.
Brent and WTI fall sharply
As of 8:20 a.m. Astana time, October Brent crude futures on London’s ICE exchange fell by 6.5 percent to $78.25 per barrel.

September futures for U.S. WTI crude dropped by 7.28 percent to $74.49 per barrel.

What is happening around the Strait of Hormuz
U.S. Treasury Secretary Scott Bessent said Washington and Tehran could reach an agreement as early as Tuesday or Wednesday that would allow free shipping through the Strait of Hormuz to be restored.
A possible agreement between the United States and Iran could also concern Tehran’s nuclear program. According to media reports, Washington is demanding that Iranian nuclear fuel be diluted and transferred to the United States or another country for disposal or use for peaceful purposes. At the same time, the talks could drag on until the fall or longer.
Iran, meanwhile, denies holding direct talks with the United States, saying consultations are being held with Oman on the safe passage of vessels.
Why this matters for Kazakhstan
Earlier, oil and gas industry expert Askar Ismailov noted that oil prices affect budget revenues, the state of the National Fund and the tenge exchange rate. Instability in the oil market increases risks for the economy. Sharp price fluctuations affect inflation, investment activity and financial markets. Dependence on oil revenues makes the country vulnerable to external shocks.
At the same time, the 2026–2028 budget is based on key assumptions: an oil price of $60 per barrel and an exchange rate of 540 tenge per dollar. These benchmarks are used to calculate export revenues, social payments and government spending.