Oil falls after Bessent says deal to reopen Strait of Hormuz is imminent

Oil prices took a dive as the US Treasury Secretary hinted that a deal to reopen the Strait of Hormuz, a critical oil transit route, might be finalized soon. Brent crude fell by 4% following these comments, suggesting markets are reacting to the potential easing of supply disruptions. This development is significant because the Strait of Hormuz has historically been a flashpoint for geopolitical tensions, impacting global oil supplies. The anticipated agreement could stabilize prices and reassure markets about continued energy flow.