Oil prices take a dive as Qatar and Bessent note talks to reopen Strait of Hormuz

Oil prices turned sharply lower on Tuesday after a Qatari official talked about a potential short-term deal between the U.S. and Iran.

Brent crude drops 4% as US Treasury secretary says Washington and Tehran could reach agreement on Tuesday or Wednesday

watch nowThe U.S. and Iran could reach a deal on Tuesday or Wednesday to reopen the Strait of Hormuz with freedom of movement for commercial ships, Treasury Secretary Scott Bessent said in an interview. "We are in talks with the Iranians," Bessent told CNBC's "Squawk Box." "There is a chance we may have a deal today or

Iran and Oman are close to an agreement to fully reopen the Strait of Hormuz to shipping traffic that would see both countries collect a so-called "service fee" to cover environmental and security costs.

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Donald Trump has warned Iran that the country is facing its last chance for a deal to open the Strait of Hormuz.

Donald Trump has warned Iran that the country is facing its last chance for a deal to open the Strait of Hormuz.

It would give Iran strategic leverage it did not have before the war.

The deal would address President Trump’s most urgent political problem by allowing ships to move again. But it would give Iran strategic leverage it did not have before the war.

NPR's Rob Schmitz speaks with Austin Ramzy of the Wall Street Journal about how China is able to import oil from Iran despite blockades on the Strait of Hormuz.