Commodities
Oil Prices Tumble Amid Diplomatic Progress Over Strait of Hormuz
Crude oil prices continued their decline on Tuesday, falling to around $81 per barrel as diplomatic efforts to secure the Strait of Hormuz improved.
The lowest level in over a week, this drop is attributed to renewed talks between Iran's Foreign Minister Abbas Araghchi and his counterparts from Saudi Arabia and Oman.
The goal is to restore security in the strategic waterway after disruptions caused by the US-Iran conflict.
Oman has proposed a joint regional mechanism to manage the strait, allowing Iran to collect voluntary transit fees. This plan reportedly gained support from Gulf states.