No Details of a Potential Agreement Have Been Released

Oil prices tumbled to a three-week low on Tuesday as senior US officials signaled progress toward a deal with Iran to reopen the Strait of Hormuz. Secretary of State Marco Rubio and Treasury Secretary Scott Bessent both said talks had advanced, with shipments potentially resuming as soon as this week. Brent crude fell nearly 5% to under $80 a barrel, while US West Texas Intermediate dropped more than 5% to $76, marking the lowest levels since 13 July.

Rubio told reporters at the State Department that "there's been progress made in those talks, but not finality yet, adding he hoped a resolution would come "very shortly. Bessent told CNBC there was a "chance we may have a deal today or tomorrow to open the strait and move towards a more normalized position in this conflict, and confirmed it would mean "freedom of movement when asked if Iran could charge ships. No details of a potential agreement have been released.

The waterway, central to US-Iran negotiations, handled about one-fifth of global daily oil and LNG supplies before the conflict began in late February. Previous talks failed to de-escalate tensions, leaving markets volatile and drivers facing higher fuel costs.