Brent Crude Falls Below $80 on Iran Talks Progress
The global benchmark for oil prices, Brent crude, dropped below $80 per barrel on Tuesday after senior US officials said talks with Iran had made progress. The decline came after US Secretary of State Marco Rubio announced 'progress' in discussions on allowing more ships to pass through the Strait of Hormuz.
Rubio told reporters that 'there's been progress made in those talks, but not finality yet. We're hoping that will happen very shortly.' US Treasury Secretary Scott Bessent said a deal to reopen the strait could be reached as soon as Tuesday or Wednesday.
The comments led to Brent crude dropping by almost five per cent to $79 per barrel, while US West Texas Intermediate crude fell by more than five per cent to $76 per barrel. The Strait of Hormuz has been central to negotiations between the US and Iran, handling about one-fifth of global daily oil and liquefied natural gas supplies.