Iran Talks Spark Oil Price Plunge

Oil prices plummeted more than 5% on Tuesday to a three-week low after comments from Qatari and US officials hinted at progress in diplomatic talks with Iran. The development has raised hopes for improved oil flows through the Strait of Hormuz.

Brent crude futures fell $4.44, or 5.3%, to $79.33 a barrel by 1:17 p.m. ET (1717 GMT), while US West Texas Intermediate futures dropped $4.52, or 5.6%, to $75.82 a barrel.

Both contracts hit their lowest prices since July 13, with the price drop attributed to the optimism surrounding the Iran-US talks.