Oil prices dropped to their lowest level in nearly three weeks after senior US officials signaled that progress had been made toward reopening the Strait of Hormuz, a vital global energy shipping route. Brent crude and US West Texas Intermediate both fell sharply as markets reacted to hopes of easing supply disruptions. Speaking to CNBC, US Treasury Secretary Scott Bessent said, "There was a chance we may have a deal today or tomorrow to open the strait and move towards a more normalized position in this conflict." When asked whether Iran would charge ships for passage, he replied, "It would be freedom of movement." Despite the optimism, uncertainty remains as Iran insists it is negotiating through Oman rather than directly with the United States. Investors remain cautious, knowing previous diplomatic breakthroughs have failed to produce lasting agreements. Lower oil prices lifted market sentiment, although tensions across the Middle East continue to keep global energy markets on edge.
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