Oil prices fell by over 5% on Tuesday to a three-week low after comments by mediator Qatar and US treasury secretary Scott Bessent raised hopes for a diplomatic resolution to the West Asia conflict, which would improve oil flows through the Strait of Hormuz.
Front-month brent futures fell 5.24% to trade at $79.38 a barrel at 11:00 PM after hitting a session high of $86.33.US West Texas Intermediate, meanwhile, was trading 5.46% lower, at $75.98 a barrel, after touching a session high of $82.33.
