Commodities
Oil Prices Plunge on Hopes for Diplomatic Resolution in US-Iran Talks
Oil prices dropped to a three-week low on Tuesday following comments from Qatari and U.S. officials suggesting progress in talks with Iran.
The remarks raised hopes for a diplomatic resolution to the conflict, which could lead to improved oil flows through the Strait of Hormuz.
Brent crude futures fell $3.30, or 3.9%, to $80.47 a barrel by 11:19 a.m. ET (1519 GMT), while U.S. West Texas Intermediate futures dropped $3.67, or 4.6%, to $76.67 a barrel.
U.S. Secretary of State Marco Rubio said there was progress in talks with Iran and Oman about moving more ships through the strait, but a final agreement had yet to be reached.