Oil prices fall as US officials raise hopes of a deal with Iran

Oil prices fell sharply on Tuesday following indications from Treasury Secretary Scott Bessent that a deal to reopen the Strait of Hormuz could be reached as soon as this week. US Secretary of State Marco Rubio and Bessent both announced that talks have progressed significantly to allow shipments to resume. These developments have raised hopes for a resolution, leading to a notable decline in global oil prices as the key maritime route potentially opens.