Global oil quotations show a downward trend, linked to expectations of positive developments in negotiations between the United States and Iran regarding the resumption of maritime traffic through the Strait of Hormuz. Investors believe that a potential agreement could stabilize raw material supplies from the region and reduce risks for the global market.
By the end of August 5th, the price of October Brent crude futures fell to $78.5 per barrel, representing a decrease of 1.08%. Similarly, September WTI American crude futures dropped to $74.82 per barrel, showing a decline of 1.25% compared to the previous close.
During the trading day, there were temporary rises in quotes following reports of new Houthi attacks in the Red Sea. Brent reached $80.95 per barrel, and WTI reached $76.7, but the market subsequently turned down again. The previous day, both grades of oil lost more than five percent and closed at their lowest levels in the last three weeks.
Pressure on the market was exerted by statements from U.S. Treasury Secretary Scott Bessent, who suggested the possibility of Washington and Tehran reaching an agreement on resuming shipping through the Strait of Hormuz in the near future. Later, U.S. Secretary of State Mark Rubio noted the absence of final agreements but expressed optimism about a swift compromise.
According to The National, the US and Iran are currently working on creating an updated version of the memorandum of understanding. One source familiar with the situation reported that the main goal remains ensuring the unimpeded passage through the Strait of Hormuz.
Additional factors influencing oil quotations were related to data from the U.S. Department of Energy. Over the past week, commercial oil inventories in the country increased by 2.48 million barrels, exceeding analysts' forecast of a reduction of 1.5 million barrels. Meanwhile, gasoline stocks decreased by 1.64 million barrels, and distillate stocks decreased by 3.47 million barrels; terminal stocks in Cushing rose by 2.36 million barrels.
Earlier, Oman proposed to Iran joint management of shipping in the Strait of Hormuz with the introduction of voluntary fees for vessels. However, Washington rejected this initiative, stating that the international waterway must maintain its status of freedom from such restrictions.
The Competition Development and Consumer Rights Protection Committee of Uzbekistan has initiated a case regarding a potential violation of antimonopoly legislation within the tender for the purchase of 475 sets of seismic sensors, with an initial value of 5.7 billion UZS.
According to the committee, the inspection was launched after an article titled 'One Address, One History, and a Multi-Billion Tender' was published on social media.
Data from the committee indicates that the Republican Center for Seismic Forecasting Monitoring under the Ministry of Emergency Situations announced the tender for the purchase of seismic sensors on August 4, 2026.
During the analysis, the committee found signs of non-compliance with Article 29 of the Law of Uzbekistan on Competition by the Republican Center for Seismic Forecasting Monitoring, Drilltechpro LLC, and Edulab LLC. The committee believes that the actions of the procurement participants may have restricted or led to the restriction of competition.
Based on these findings, the committee has officially opened a case against the Republican Center for Seismic Forecasting Monitoring, Drilltechpro LLC, and Edulab LLC. The committee specified that additional information will be disclosed after the case review is completed.
In the first half of 2026, Uzbekistan's state procurement structures concluded 1,099,305 contracts totaling 188.4 trillion soms.
According to data from the Agency for Industrial Cooperation and State Procurement, the analysis and optimization of procurement procedures allowed for budget savings amounting to 7.2 trillion soms.
Tashkent took the leading position in state procurement, receiving the largest share—77.7 trillion soms, which accounts for 41% of the total volume. The second most significant region is Navoi, where procurement volume reached 34.3 trillion soms (18% of the total amount). The third place was held by the Tashkent region with a figure of 17.2 trillion soms, or 9%.
Among organizations funded from the budget, the Ministry of Preschool and School Education led the list, awarding contracts worth 13.45 trillion soms. It was followed by the Ministry of Transport with purchases of 10.98 trillion soms and the Ministry of Water Resources with an amount of 7.01 trillion soms.
In the corporate buyer sector, Navoi Mining and Metallurgical Company JSC demonstrated the largest procurement volume, with purchases amounting to 21.78 trillion soms. Other major corporate buyers included Almalyk Mining and Metallurgical Company JSC with purchases of 8.42 trillion soms, Uzbekneftegaz JSC with 6.47 trillion soms, and Navoiyuran JSC with 5.82 trillion soms.
The Tax Committee of Uzbekistan has clarified the application of Value Added Tax (VAT) to the export of goods and services for payers using the simplified method of calculating and paying VAT.
The Committee stated that export operations under this regime are subject to a 6% VAT rate, not a zero rate. This information was provided by the Tax Committee of Uzbekistan.
This clarification followed social media reports claiming that exports under the simplified VAT regime continue to be taxed at 0%. The Committee explained that this conclusion was drawn because the tax amount is not displayed in line 0103 of the simplified VAT declaration form.
The Tax Committee emphasized that the absence of the VAT amount in this line does not mean the application of a zero rate. According to paragraph 6(a) of Presidential Decree No. UP-100 dated May 26, 2026, taxpayers applying the simplified VAT calculation and payment regime are subject to a 6% rate on all supplies of goods and services, including exports.
The Committee further explained that the VAT amount is not indicated when filling out the cargo customs declaration and, consequently, is not reflected in column 4 of line 0103 of the VAT declaration. Instead, the tax is calculated at a 6% rate of the total turnover from the sale of goods and services indicated in column 3 of line 010 of the tax declaration.
Finally, the Tax Committee stressed that the absence of the VAT amount in line 0103 is solely a feature of the reporting form and does not indicate that export operations are subject to a zero rate.
