The price of Brent crude, the global benchmark for oil prices, fell by almost five per cent to below $80 per barrel on Tuesday following growing hopes of an agreement between the United States and Iran to reopen the Strait of Hormuz.
The decline came after senior US officials said talks with Iran had made progress, raising the prospect that commercial shipping through the key waterway could resume as soon as this week.
According to the BBC, the US Secretary of State, Marco Rubio, said progress had been made in discussions on allowing more ships to pass through the Strait of Hormuz, a major route for global oil and liquefied natural gas supplies.
“There’s been progress made in those talks, but not finality yet. We’re hoping that will happen very shortly,” Rubio told reporters at the State Department.
US Treasury Secretary Scott Bessent said a deal to reopen the strait
This post was originally published on this site.
