US Secretary of State Marco Rubio shared an update on negotiations with Iran on Tuesday, confirming that the question of Hormuz remains open. “There has been progress in these talks, but not finality yet. We hope that will happen very shortly,” Rubio told reporters at a presser in Paraguay. US Treasury Secretary Scott Bessent stated that Washington and Tehran may reach a deal on reopening the Strait as soon as today or tomorrow.
WTI dips 6% on reports of Hormuz demining
Crude oil prices continued their downward trajectory on Tuesday following rumors that Iran was thinking of permitting European countries to remove mines from the Strait of Hormuz as part of an agreement to normalize commerce in the vital waterway. Iran has “softened its stance” in private meetings regarding allowing foreign countries to take part in demining operations, Bloomberg reported on Tuesday, citing diplomats familiar with the matter. West Texas Intermediate (WTI) for deliveries in September tumbled 6.01% to go for $75.47 per barrel at 12:02 pm ET. A minute later, Brent for settlements in November plummeted 4.37%, selling for $77.55 per barrel.