Oil is declining further on Tuesday after U.S. Treasury Secretary Scott Bessent expressed optimism about the possibility of reaching a deal that will see the reopening of the Hormuz Strait in the next hours.
Brent crude, the international benchmark, dropped more than 2% and stood below $82 a barrel at 8:46 a.m. ET, while West Texas Intermediate, the U.S. benchmark, fell further, plummeting more than 3% and hovering below $78 a barrel at the same time.
