Oil Prices Crash Amid US-Iran Ceasefire Hopes

Rising expectations for a US-Iran ceasefire and renewed navigation through the Strait of Hormuz sent oil prices plummeting over 5% on Tuesday.

Brent crude futures settled down 3.9% at $88.58 per barrel, while WTI October crude futures fell 3.12% to $82.36 per barrel.

The decline was driven by a shift in market expectations towards a reduced probability of another full-scale conflict in the Persian Gulf, as US President Trump announced that all mines in international waters of the Strait of Hormuz had been removed and/or detonated.

In other economic news, the Conference Board's August consumer confidence index fell to 89.4, below the expected 90.2 and the lowest level since January.