Oil Prices Plummet on Hopes for US-Iran Conflict Resolution

Oil prices plummeted on Tuesday to a two-week low, falling by nearly 5% due to cautious hopes for a resolution to the Iran-US conflict. This comes after US President Donald Trump called off a bombing campaign over the weekend and reported 'good talks' with Iran.

The Omani government has presented Iran with a plan to manage the Strait of Hormuz, which includes collecting voluntary fees from users. However, Tehran has yet to respond to the proposal.

Saudi Aramco shut down its 400,000-barrel-per-day Jizan oil refinery in Saudi Arabia following an attack by Iran-backed Houthi militants in Yemen. This move is expected to reduce crude demand and create a second chokepoint for oil flows.