Oil Prices Plunge as Hopes Rise for US-Iran Talks

Oil prices plummeted about 5% on Tuesday to a two-week low as hopes rose that the US-Iran conflict might ease into talks. However, previous halts in fighting have been short-lived.

Brent futures dropped $4.27 (4.8%) to settle at $84.09 a barrel, while WTI crude fell $3.35 (4.1%) to settle at $79.26. This marks Brent's lowest close since July 13 and WTI's since July 16.

Iran has denied seeking resumption of talks with the US, contradicting President Donald Trump's claims that 'good talks' are underway.

Oman presented Iran with a plan to manage the Strait of Hormuz, which includes collecting voluntary fees for its use. However, this was rejected in favor of a temporary arrangement allowing one-way traffic through Iranian waters.