Oil Prices Plummet Below $80 as Hormuz Deal Hopes Rise

The price of Brent crude oil has fallen below $80 per barrel due to hopes for an agreement between the US and Iran that would reopen the Strait of Hormuz.

The decline in prices comes after comments from senior US officials indicating progress in negotiations, with US Secretary of State Marco Rubio stating 'there's been progress made in those talks, but not finality yet.'

Brent crude dropped by nearly 5% to $79 per barrel, while US West Texas Intermediate crude fell by over 5% to $76 per barrel.

The Strait of Hormuz is a critical waterway for global oil and liquefied natural gas supplies, with the disruption contributing to higher fuel prices globally.