Crude Oil Prices Fall Over 5% Amid Hopes for Middle East De-escalation

Crude oil prices experienced a significant drop of over 5%, falling below $80 a barrel, driven by increasing optimism for an interim deal in the Strait of Hormuz. Reports from Qatar and statements from US officials, including Secretary Bessent, suggest a possible agreement could be reached within a day or two, alleviating concerns about potential supply disruptions.