Commodities
Bessent: Iran Deal Near, Oil Prices to 'Settle Back Down'
US Treasury Secretary Scott Bessent told CNBC that a deal to reopen the Strait of Hormuz is near, which could lead to a settlement in energy prices. He expects them to 'settle back down'.
In response to his comments, West Texas Intermediate (WTI) oil fell 3.29% on Tuesday, trading around $76.20 per barrel. This is after hitting a three-week low of $75.68.
Bessent's statement implies that the US and Iran are close to reaching an agreement to allow the passage of ships through the Strait of Hormuz. This would be a significant development in global oil markets, as the strait is a critical waterway for oil exports.