The West Texas Intermedia crude fell 2.3% to $78.88 per barrel after US President Donald Trump said the Strait of Hormuz could reopen as early as this week, renewing hopes that energy shipments through the strait would finally resume unhindered.
Energy prices fell and inflation concerns were slightly alleviated after the US and Iran announced an interim deal to end the months-long war and lift their maritime blockades. As energy and oil prices simmered, gold prices continued to surge, hovering around $4,365 per ounce during premarket hours on Tuesday.
