US-Iran Talks Send Brent Crude Prices Tumbling Below $80

Brent crude prices fell below $80 per barrel on Tuesday as optimism grew over US-Iran negotiations to ease shipping disruptions through the Strait of Hormuz. The international oil benchmark dropped by almost five percent to around $79 per barrel, while US West Texas Intermediate (WTI) crude fell more than five percent to about $76 per barrel.

The decline marked the lowest level for both benchmarks since July 13. Senior US officials suggested that discussions aimed at restoring commercial shipping through the Strait of Hormuz were making progress, raising hopes that one of the world's most important energy corridors could soon reopen fully.

US Secretary of State Marco Rubio said negotiations had advanced, although a final agreement had yet to be reached. 'There's been progress made in those talks, but not finality yet. We're hoping that will happen very shortly,' Rubio told reporters at the State Department.