🔻As U.S. officials express optimism that a deal with Iran to reopen the Strait of Hormuz is “imminent,” the price of oil fell further today.

Every barrel of Brent crude, with a more than 4% drop in price during trading, also fell to below $80.

Last week, as the possibility of a U.S. attack on energy infrastructure in Iran became more serious, the price of Brent reached more than $93 per barrel.

Today, Scott Bessent, the U.S. Treasury secretary, said that a deal with Iran to reopen the Strait of Hormuz could be reached by Wednesday.

Marco Rubio, the U.S. secretary of state, also said that talks with Iran and Oman regarding the passage of ships through the Strait of Hormuz have made progress, but that a final agreement has not yet been reached.

📷 REUTERS