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Commodities

Brent Crude Plummets Below $80 on Iran Talks Optimism

Guavy AI Editorial Team
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The Brent crude oil price fell below $80 per barrel on Tuesday after US Treasury Secretary Scott Bessent expressed confidence in reaching an agreement with Iran to reopen the Strait of Hormuz.

Bessent stated that 'there is a possibility that we will reach an agreement today or tomorrow to open the strait and move towards a more normalized position in this conflict.'

As a result, Brent crude dropped 5% compared to Monday's close, settling at $79.75 per barrel, its lowest level since July 13.

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