Commodities
Oil Prices Plummet as Deal Hopes for Strait of Hormuz Reopen
Oil prices continued their decline for the third day, fueled by optimism that a deal could be reached to reopen the Strait of Hormuz and free up supply trapped in the Persian Gulf.
Brent dropped below $79 a barrel, while West Texas Intermediate (WTI) declined towards $75 after losing more than 10% in the prior two sessions.
The decline comes as Qatar said on August 4 that an interim proposal had been drafted, and both Washington and Tehran signaled progress in talks to reopen the waterway.
Even if a short-term deal is reached, it may still fail to end the war conclusively or resolve US President Donald Trump's concerns about Iran's nuclear programme.