Commodities
Oil Prices Slide Below $80 on Hopes for Strait of Hormuz Deal
Oil prices have dropped below $80 for the first time in over three weeks, as hopes rise for a deal to ease tensions on the Strait of Hormuz.
The dip is attributed to diplomatic efforts, rather than an increase in supply. Iran had previously refused outside help, making this development significant.
President Donald Trump's latest offer has been described as Iran's 'last chance,' and he even called off a large planned attack on the country to keep diplomacy going.
A draft resolution to ease tensions is being circulated among involved parties, with Qatar cautioning that no firm deal has yet been reached.