Oil Prices Tumble as Markets Bet on Strait of Hormuz Shipping Restart
Oil prices slid on Wednesday as markets anticipated restored shipping in the Strait of Hormuz following revived expectations of de-escalation in Iran war hostilities.
Brent crude futures fell 60 cents, or 0.76 percent, to $78.76 a barrel by 13:30 ET (17:30 GMT), while US West Texas Intermediate futures dropped $1.19, or 1.57 percent, to $74.58.
US President Donald Trump said there was an 'all-day negotiation' on Tuesday with Iran, which he characterized as positive, but also threatened to hit Iran 'really hard' if a deal with Tehran wasn't reached.
Tehran denied that peace talks were underway, but its foreign ministry stated that Iran and Oman had reached an understanding on managing the Strait of Hormuz and were finalizing a joint announcement.