Bessent Says Iran Deal Nears, WTI Oil Prices Plummet

US Treasury Secretary Scott Bessent stated in an interview that a deal with Iran to reopen the Strait of Hormuz could be reached as early as Tuesday or Wednesday. This potential agreement is expected to lead to a decrease in energy prices, according to Bessent.

The markets responded quickly to these comments, causing West Texas Intermediate (WTI) oil prices to fall 3.29% on the day to trade around $76.20 per barrel at the time of press. This price drop comes after WTI hit a three-week low of $75.68.