Oil prices tumble on hopes of US-Iran deal to reopen Strait of Hormuz

Crude oil prices fell sharply after U.S. Treasury Secretary Scott Bessent indicated progress toward a deal with Tehran to reopen the Strait of Hormuz. WTI crude dropped over 5% to $75.78 per barrel, while Brent fell to $79.30, as the market priced in the potential for an end to the blockade on Iranian ports and an increase in global supply.