Oil Prices Plunge as Oman Proposes Voluntary Fees for Hormuz Transits

Oil prices took another hit on Tuesday, falling by about 5 percent as optimism grew that peace between the U.S. and Iran was possible.

The Brent benchmark fell $4.61 to $83.75 per barrel, while West Texas Intermediate dropped $4.06 to $78.55; both benchmarks have declined around 17 percent over three days.

Israel's defense minister, Israel Katz, said the U.S. was preventing his country from striking energy targets in Iran due to concerns about a global oil crisis.

Oman has proposed a plan backed by Gulf states to manage the Strait of Hormuz, including collecting voluntary fees for its usage, which was seen as a positive development by investors.