Oil falls over 5% below $80
Oil prices declined by more than 5%, falling to their lowest level in three weeks, supported by news regarding the possible reopening of navigation through the Strait of Hormuz, as indicated by the U.S. Secretary of the Treasury. This led to a 5.3% drop in Brent crude to $79.36 per barrel, and a 5.7% decline in West Texas Intermediate to $75.77. This decrease comes amid increasing tensions between Washington and Tehran, although Qatar expects progress toward resolving the dispute. The financial markets were also affected, as U.S. stock indices surged significantly following hints of a potential resumption of oil flows through the Strait of Hormuz.
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