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Oil prices plunge on US-Iran deal hopes

World News

04-08-2026 | 09:46

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Oil prices plunge on US-Iran deal hopes

Oil prices tumbled Tuesday after a top U.S. official said Washington could soon reach a deal with Iran to reopen the Strait of Hormuz, easing concerns over crude supply disruptions that have sent prices soaring in recent months.

The main U.S. oil contract, West Texas Intermediate, dropped five percent to $76.32 a barrel, while the international benchmark Brent North Sea crude fell back below $80 a barrel.

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