Brent drops 5% below $80 as Hormuz talks raise supply hopes
What's new: US officials said a shipping deal with Iran could come within days, though Tehran denied direct talks with Washington.
Oil prices fell sharply Tuesday after US officials signaled progress toward reopening the Strait of Hormuz, easing fears of a prolonged supply disruption. Brent crude slid 5.3% to settle at $79.36 a barrel, while US West Texas Intermediate lost 5.7% to $75.77, both hitting their lowest levels since July 13. Treasury Secretary Scott Bessent said a deal could be reached as soon as Tuesday or Wednesday. But the path remains uncertain: Iran said it was not negotiating directly with the United States and was instead working with Oman on a vessel-transit mechanism. The waterway carried about one-fifth of global daily oil and LNG supplies before the conflict, and recent attacks on ships have kept markets volatile.
Sources
Earlier in this story
- 1 hour agoIran, Oman near Hormuz shipping deal that shifts lanes to Tehran
- 3 hours agoBrent drops 5% below $80 as Hormuz talks raise supply hopesreading now
- 8 hours agoOil drops about 5% as US-Iran Hormuz deal hopes build
- 13 hours agoShip attack in Hormuz clouds US-Iran push to reopen oil route
- 14 hours agoIran, Oman near deal on new Strait of Hormuz shipping lane
- 15 hours agoTrump claims new US-Iran talks begin Monday afternoon
- 28 hours agoTrump halts Iran strike plan as fresh talks start and oil drops