Oil prices fell sharply Tuesday after Treasury Secretary Scott Bessent indicated a deal to reopen the key Strait of Hormuz could come as soon as this week. Brent, the international benchmark, slid more than 5.4% to $79.21 per barrel, while West Texas Intermediate fell nearly 6% to $75.65. Bessent told CNBC the U.S. is in talks with Iran and a deal to open the strait could happen today or tomorrow. Iran is considering allowing European countries to clear mines from Hormuz, according to diplomatic sources. However, an analyst at TD Securities remains skeptical, saying Tehran is unlikely to agree to any deal without controlling the strait.
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