According to CoinMeta, on August 5, 2026, the gold price broke through $4,130, and diplomatic developments regarding the Strait of Hormuz dominated the Asia-Pacific market. Early reports indicated that Iran and Oman had essentially reached an agreement on re-opening the strait, with Iran managing inbound traffic and Oman responsible for outbound transportation. Although subsequent reports warned that a final agreement had not yet been reached, Iran was also considering establishing a voluntary fund and requesting European countries to contribute to the costs of maintaining the strait. A senior Israeli official stated that Trump hoped to reach an agreement with Iran, describing the current situation as being as close to peace as the spacing between letters on a keyboard. Meanwhile, Saudi Arabia was reported to have launched airstrikes on Yemen's capital, Sanaa, reminding that regional tensions had not yet been completely resolved. Axios reported that the United States, Iran, and Oman were close to reaching a temporary agreement to re-open the strait, which was expected to be announced on Wednesday, restoring a ceasefire between the two countries and paving the way for nuclear negotiations. Trump has suspended the planned military strikes to allow diplomacy to continue.