Oil prices fall on hopes Strait of Hormuz could reopen
Oil prices fall on hopes Strait of Hormuz could reopen - Published Oil prices fell to a three-week low on Tuesday as senior US officials raised hopes of a...
Key points
- Oil prices fall on hopes Strait of Hormuz could reopen - Published Oil prices fell to a three-week low on Tuesday as senior US officials raised hopes of a deal with Iran to reopen the key Strait of Hormuz waterway.
- US Secretary of State Marco Rubio and Treasury Secretary Scott Bessent both announced talks had progressed to allow shipments to potentially resume as soon as this week.
- But the failure of previous negotiations in recent months to de-escalate the conflict between the US and Iran have led to a volatile oil market, with drivers ultimately being hit by higher fuel prices at the pumps.
- US Secretary of State Marco Rubio said there had been progress made in discussions on getting more ships through the Strait with Iran and Oman.
What happened
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Oil prices fall on hopes Strait of Hormuz could reopen - Published Oil prices fell to a three-week low on Tuesday as senior US officials raised hopes of a deal with Iran to reopen the key Strait of Hormuz waterway. US Secretary of State Marco Rubio and Treasury Secretary Scott Bessent both announced talks had progressed to allow shipments to potentially resume as soon as this week. But the failure of previous negotiations in recent months to de-escalate the conflict between the US and Iran have led to a volatile oil market, with drivers ultimately being hit by higher fuel prices at the pumps. US Secretary of State Marco Rubio said there had been progress made in discussions on getting more ships through the Strait with Iran and Oman. Bessent said a deal to reopen the Strait of Hormuz could be agreed as soon as Tuesday or Wednesday. The Strait of Hormuz has been a central point in negotiations between the US and Iran.