Oil prices fall on hopes Strait of Hormuz could reopen

Oil prices have fallen to a three-week low as US officials expressed optimism about a potential deal with Iran to reopen the Strait of Hormuz, a key waterway for global oil and liquefied natural gas supplies. US Secretary of State Marco Rubio and Treasury Secretary Scott Bessent announced that talks had progressed, with a deal possibly being reached as soon as Tuesday or Wednesday.

This development comes as the conflict between the US and Iran continues, with the Strait of Hormuz playing a central role in negotiations. However, Iran has stated it is not currently negotiating with the US and is instead discussing with Oman, a mediator in the talks. The volatile oil market has led to higher fuel prices at the pump, impacting drivers globally.

Brief written by urgent.news from MyJoyOnline Ghana's own syndicated text. Machine-written — read the original for the full account.