Commodities
Hormuz Deal Hopes Rise Amid Oil Market Volatility
US Secretary of State Marco Rubio announced progress in talks between Iran and Oman over the Strait of Hormuz, but no final agreement has been reached. US Treasury Secretary Scott Bessent said a deal could come as early as today or tomorrow.
The resumption of diplomatic contacts weighed on oil markets, with North Sea Brent crude falling 5.26% to $79.36, its lowest closing level since July 10. The decline comes as several consumer nations bolster strategic reserves.
Iran's denial of direct talks with the US and Tehran's refusal to return to the pre-war navigation regime have hindered efforts to reach a deal. A truce was broken in early July when hostilities resumed, and renewed US strikes prompted Iran to tighten passage conditions.