Oil Prices Tumble as US-Iran Diplomacy Eases Strait of Hormuz Concerns

Oil prices plummeted more than 5% on Tuesday as diplomatic talks between the United States and Iran eased concerns over possible disruptions to oil shipments through the Strait of Hormuz.

Brent crude futures declined $4.41, or 5.3%, to settle at $79.36 a barrel, marking their lowest closing level since July 13.

US West Texas Intermediate crude futures fell $4.57, or 5.7%, to settle at $75.77 a barrel, also reaching a three-week low.