Oil Prices Fall to Three-Week Low on Hopes Strait of Hormuz Could Reopen

3-line summary

• Brent crude fell nearly 5% to under $80 a barrel and WTI dropped more than 5% to $76, both hitting their lowest levels since July 13, after U.S. officials raised hopes of a deal with Iran to reopen the Strait of Hormuz, according to the report.
• Secretary of State Marco Rubio said talks had progressed but reached no finality, while Treasury Secretary Scott Bessent said a deal to reopen the strait could be reached as soon as Tuesday or Wednesday, per the report.

This summary is our own processing of the source article; see the source link below for full context.