Brent Crude Falls Below $80 as US-Iran Deal Hopes Rise
The Brent crude oil price has slipped below $80 per barrel due to rising hopes over a possible US-Iran deal. The decline followed comments from US Treasury Secretary Scott Bessent, who stated that Washington and Tehran could announce an agreement 'today or tomorrow' to reopen the Strait of Hormuz, a crucial maritime route. This route typically handles around one-fifth of the world's oil supply.
Qatari officials have also reported that a draft framework for a possible US-Iran agreement has been prepared. Diplomatic efforts remain underway, with mediators including Qatar, Pakistan, and Oman working closely to advance negotiations and exchange draft proposals between both sides.
Goldman Sachs estimates that Brent crude will remain in the $80-$90 per barrel range until there is greater clarity on the geopolitical situation. The bank notes that while prices eased after the US delayed planned military action against Iran and reports suggested progress in talks to ensure safe passage through the Strait of Hormuz, the underlying physical oil market continues to tighten.