EnergyLive Wire · AI-collected
Oil Prices Fall to Three-Week Low on Hopes Strait of Hormuz Could Reopen
- 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.
Published Aug 4Source: BBC Business ↗