Oil prices settle 5% lower after claims of progress in US-Iran talks
XLE•Oil settles at three-week low after US-Iran talk comments
NEW YORK, Aug 4 (Reuters) - Oil prices fell more than 5% and settled at a three-week low on Tuesday after comments by Qatari and U.S. officials raised hopes for a diplomatic resolution to the Iran war, which could improve oil flows through the Strait of Hormuz.
Brent crude futures LCOc1 fell $4.41, or 5.3%, to settle at $79.36 a barrel, the lowest since July 13. U.S. West Texas Intermediate futures CLc1 settled down $4.57, or 5.7%, at $75.77 a barrel, also a three-week low.
Officials say talks on shipping and de-escalation are continuing
U.S. Secretary of State Marco Rubio said on Tuesday there was progress in talks with Iran and Oman about moving more ships through the strait, but a final agreement was yet to be reached. Treasury Secretary Scott Bessent had said earlier on Tuesday that a deal with Iran to reopen the strait could come as soon as Tuesday or Wednesday.
