WTI Crude Falls on Growing Hopes of Strait Reopening Deal

Crude oil prices are plummeting as hopes of a deal to reopen the Strait of Hormuz between the US and Iran grow. The September WTI crude oil (CLU26) is down -3.77% (-4.72%), and September RBOB gasoline (RBU26) is down -0.1201% (-4.05%).

The decrease in prices comes as a Qatari spokesman said that a proposed resolution 'is being circulated between the US and Iran,' but cautioned that a deal has not yet been reached.

Treasury Secretary Bessent added fuel to the fire, stating: 'There is a chance we may have a deal today or tomorrow to open the strait.'

Meanwhile, Saudi oil exports through the Red Sea are increasing, boosting global crude supplies and undercutting oil prices. The key Saudi export port of Yanbu in the Red Sea had its busiest day on Monday since Houthi rebels began attacking shipping in the region.