US crude futures fall 6 percent on Hormuz reopening report
U.S. crude futures fell 6.1 percent on Tuesday. This follows reports that the U.S. and Iran may reopen the Strait of Hormuz 30 days after a deal is reached.
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West Texas Oil fell more than 6% to $90.73 per barrel during the overnight session following reports of a potential regional shipping breakthrough. The decline follows a 6.5% drop in the previous session as supply fears ease. A reopened Strait of Hormuz would restore a critical global energy artery, likely capping crude prices.
United States and Iran officials are reportedly discussing a plan to reopen the Strait of Hormuz. Nikkei reported the talks aim to resume shipping 30 days after both nations reach a deal to end hostilities.
