Oil Falls Amid Hopes of US-Iran Deal

Oil prices fell by about 4% on Tuesday to their lowest level in three weeks, following statements from Qatar and U.S. Treasury Secretary Scott Bessent that bolstered hopes for a diplomatic resolution to the Middle East conflict, which could improve oil flows through the Strait of Hormuz. Brent crude futures for the nearest contract month dropped $3.11, or 3.71%, to $80.66 per barrel, after reaching an intraday high of $86.33. Giovanni Stavropoulos, an analyst at UBS, said oil prices gave up previous gains after statements from Qatari officials about preparing a draft for a potential settlement between the United States and Iran.