Oil Prices Plummet as Iran's Reopening of Hormuz Looms

Oil prices fell to a two-week low on Tuesday as prospects for increased oil supplies from the Gulf eased market concerns.

The Brent crude futures LCOc1 November contract fell $2.01, or 2 per cent, to $98.33 a barrel at 1027 GMT.

The US easing military pressure and lifting its blockade on Iranian ports could lead to Iran reopening the Strait of Hormuz within seven days, a senior Iranian official told Reuters.

This development could be a positive sign that diplomacy efforts may be working, said Hamad Hussain, senior climate and commodities economist at Capital Economics.