Oil Prices Decline as Treasury Secretary Signals Imminent Strait of Hormuz Deal

Global oil prices have fallen following comments from US Treasury Secretary Scott Bessent, who indicated that a deal to reopen the Strait of Hormuz could be reached as early as Wednesday. This comes despite denials from Iran regarding direct talks with the US, and previous optimistic statements proving premature. The prospect of easing tensions in the Middle East, which have disrupted shipping and driven up energy costs, has pressured oil markets.