🔸Oil prices in global markets fell by more than five percent after reports emerged about the possibility of Iran and Oman reaching an agreement to reopen the Strait of Hormuz.

🔸Brent crude reached $80 per barrel on Tuesday afternoon, while West Texas Intermediate crude also dropped to about $76 per barrel.

🔸These figures represent the lowest oil prices in the past two weeks, and come after the start of a new round of U.S. attacks on Iran.

🔸At the same time as oil prices declined, the value of stock markets also rose at the beginning of U.S. stock exchange trading.

🔸Reuters reported that traders have become more optimistic about the likelihood of reaching an agreement regarding the Strait of Hormuz by Wednesday, following remarks by senior U.S. officials including Scott Bessent, the Treasury secretary.