Commodities
Oil Prices Plummet 5% on Hopes for Iran Conflict Resolution
Oil prices plummeted over 5% on Tuesday after Qatari and U.S. officials hinted at progress in talks to resolve the Iran conflict, which has been threatening oil flows through the Strait of Hormuz.
Brent crude futures sank $4.41, or 5.3%, to settle at $79.36 a barrel, its lowest level since July 13. U.S. West Texas Intermediate futures also dropped $4.57, or 5.7%, to $75.77 a barrel, a three-week low.
The dip in oil prices came as U.S. Secretary of State and Qatari officials commented on the progress made in talks between the United States and Iran, sparking hopes for a diplomatic resolution to the conflict.