Oil prices have fallen amid hopes that the Strait of Hormuz could reopen to shipments, following statements from senior US officials that discussions had moved forward.
US Secretary of State Marco Rubio and Treasury Secretary Scott Bessent both said talks had progressed towards allowing shipments to resume through the strait.
The development has been linked to market expectations that disruption affecting shipments could ease. The source material does not specify the scale of the oil price movement, the timing of any reopening, or the parties involved in the talks.
No further details were provided on the conditions under discussion or whether a final agreement had been reached. The latest known position is that talks were described by the US officials as having progressed, while oil prices moved lower on hopes that shipments could restart.
