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Hormuz reopening deal seen as near as WTI falls
WTI dropped 3.3% to about $76.2 per barrel after hitting a more than three-week low, following comments that an Iran-linked agreement could come by Tuesday or Wednesday.
US Treasury Secretary Scott Bessent told CNBC that a deal to reopen the Strait of Hormuz with Iran could be reached as soon as Tuesday or Wednesday, and he said energy prices are expected to settle back down, according to FXStreet.
The remarks were followed by a quick market move, with West Texas Intermediate crude down 3.3% on the day to trade around $76.20 per barrel.
WTI also touched a more than three-week low of $75.68 as investors digested the prospect of improved access to a key shipping chokepoint.
FXStreet added that WTI is the main US crude benchmark for international trading and is influenced by factors including supply disruptions from wars and sanctions, OPEC production decisions, the US dollar, and weekly inventory reports from the API and the EIA.
Latest closeWTI crude $80.00 ▼5.5%