Commodities
Oil Prices Plummet Amid Hopes for Hormuz Reopening
Oil prices have fallen for a third consecutive day as investors grow optimistic about the potential reopening of the Strait of Hormuz.
The Strait, a key waterway through which a significant portion of global oil supplies pass, has been subject to restrictions and disruptions in recent times. However, hopes that it could soon reopen are weighing on crude markets and raising the prospect of increased supply reaching global markets.
Brent crude futures fell by over 2% to $86.41 per barrel as investors assessed the prospect of increased oil flows through the Strait, according to Reuters.