Oil prices fall on hopes Strait of Hormuz could reopen
US Secretary of State Marco Rubio and Treasury Secretary Scott Bessent both announced talks had progressed to allow shipments to resume.
Oil prices dropped to a three-week low as hopes grew that the Strait of Hormuz could reopen, according to US President Donald Trump. Secretary of State Marco Rubio and Treasury Secretary Scott Bessent reported progress in talks that could lead to the reopening later in the week. Brent crude, the global benchmark for oil prices, fell by nearly 5% to under $80, continuing to decline on Wednesday.
US Central Command confirmed the southern route through the strait remains open for commercial vessels. Despite progress, Iran has not shown interest in negotiating with the US and has instead engaged Oman in talks. The US has depleted most of its stockpile of long-range precision missiles in response to Iran's blockade of Iranian ports and Saudi Arabia's Red Sea ports.
Analysts warn that the threat to oil shipments remains high, causing fuel prices to skyrocket globally.
Written by urgent.news from BBC World's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Oil prices fall on hopes Strait of Hormuz could reopen bbc.co.uk
