Oil prices fell by more than 5% at settlement on Tuesday, reaching their lowest levels in three weeks, as hopes for a diplomatic resolution to the Middle East conflict grew following comments from Qatar and U.S. Treasury Secretary Scott Bessent, which raised expectations for improved oil flows through the Strait of Hormuz.
اضافة اعلان
Brent crude futures dropped $4.41, or 5.3%, to settle at $79.36 per barrel, their lowest level since July 13. Meanwhile, U.S. West Texas Intermediate (WTI) crude fell $4.57, or 5.7%, to $75.77 per barrel, also marking its lowest close in three weeks.
U.S. Secretary of State Marco Rubio said on Tuesday that progress had been made in talks with Iran and Oman regarding the passage of more vessels through the Strait of Hormuz, although no final agreement had yet been reached.
Earlier in the day, Treasury Secretary Scott Bessent said an agreement with Iran to reopen the strait could be reached as early as Tuesday or Wednesday.
Qatari Foreign Ministry spokesperson Majed Al-Ansari said efforts to achieve a diplomatic solution to the conflict remain ongoing.
At the same time, a spokesperson for the U.S. State Department said the latest round of U.S.-mediated talks between Israel and Lebanon began on Tuesday and is expected to continue through Thursday.
Oil prices had risen earlier in the day after a senior Iranian source said Tehran wants to control the route of inbound vessels through the Strait of Hormuz and monitor outbound shipping traffic, with the ability to intervene when necessary, under a plan currently being discussed with Oman to reopen the strategic waterway.
