Hormuz Tensions Send Oil Prices Plummeting Amid Diplomatic Deadlock

Oil prices took a hit on Thursday as investors weighed the prospects of reopening the Strait of Hormuz, a critical global energy chokepoint. The waterway has been at the center of heightened tensions between Washington and Tehran.

US crude fell below $83 a barrel, while Brent slipped towards $88, as traders balanced hopes of a diplomatic breakthrough against mounting uncertainty over the conflict. US President Donald Trump said the United States had 'total control' over the Strait of Hormuz.

The International Energy Agency's latest monthly report warned that the global oil market could face a shortfall of 1.8 million barrels per day this quarter due to disruptions in energy flows in the Middle East.