Oil drops about 5% as US-Iran Hormuz deal hopes build
What's new: Brent settled at $79.36 and WTI at $75.77 after US officials said shipping access could be restored within days.
Oil prices fell sharply Tuesday as hopes for a deal to reopen the Strait of Hormuz eased fears of prolonged supply disruption. Brent crude closed down 5.3% at $79.36 a barrel, while U.S. West Texas Intermediate lost 5.7% to $75.77, both hitting their lowest levels since July 13. Treasury Secretary Scott Bessent said an agreement could come as soon as Tuesday or Wednesday, and Qatar said mediators were still exchanging draft proposals. The waterway carried about one-fifth of global daily oil and LNG supplies before the conflict began in late February. Traders remained cautious because earlier attempts to restore shipping collapsed and attacks on vessels near Oman and in nearby routes have continued.
Sources
Earlier in this story
- 3 hours agoOil drops about 5% as US-Iran Hormuz deal hopes buildreading now
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