Brent drops below $80 as Hormuz reopening talks gather pace
What's new: Brent fell 5.3% and US crude 5.7% after Scott Bessent said a shipping deal could come within days.
Oil prices tumbled Tuesday after Treasury Secretary Scott Bessent said a deal to reopen the Strait of Hormuz could be reached as soon as this week, raising hopes that a major threat to global energy flows may ease. Brent crude fell 5.3% to settle at $79.36 a barrel, while West Texas Intermediate lost 5.7% to $75.77. President Donald Trump also said the waterway could open "very soon." The strait, between Iran and Oman, carries about one-fifth of the world's daily oil supply. But uncertainty remains: Iran has publicly denied direct negotiations with Washington, and a cargo ship was hit Monday near Al Khasab, Oman, underscoring the risk to commercial traffic.
Sources
Earlier in this story
- 2 hours agoIran, Oman near Hormuz shipping deal that shifts lanes to Tehran
- 3 hours agoU.S., Iran near accord to reopen Strait of Hormuz this week
- 5 hours agoBrent drops below $80 as Hormuz reopening talks gather pacereading now
- 9 hours agoBrent drops 5% below $80 as Hormuz talks raise supply hopes
- 14 hours agoOil drops about 5% as US-Iran Hormuz deal hopes build
- 19 hours agoShip attack in Hormuz clouds US-Iran push to reopen oil route
- 20 hours agoIran, Oman near deal on new Strait of Hormuz shipping lane
- 21 hours agoTrump claims new US-Iran talks begin Monday afternoon
- 34 hours agoTrump halts Iran strike plan as fresh talks start and oil drops