Oil Prices Slide as Hopes Rise for Strait of Hormuz Reopening
Global oil prices fell to their lowest level in three weeks after senior US officials signalled progress in negotiations aimed at reopening the Strait of Hormuz, the strategic shipping lane that carries around one-fifth of the world’s oil and liquefied natural gas supplies.
Brent crude dropped nearly 5 percent to below $80 a barrel, while US West Texas Intermediate crude fell more than 5 percent to around $76. Marco Rubio, US Secretary of State, said discussions involving Iran and Oman had made significant progress, although no final agreement had been reached. Scott Bessent, Treasury Secretary suggested a deal could be concluded within days.
The Strait has remained a major source of market anxiety since Iran restricted shipping following months of conflict with the United States and Israel.
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