Oil slides as Hormuz reopening talks gain momentum

Oil fell about 4% to below $80 a barrel after Scott Bessent suggested a deal to reopen the Strait of Hormuz could come this week; two sources said Iran and Oman had agreed on a temporary shipping arrangement routing traffic through Iranian waters and an Oman‑run channel, awaiting final sign‑off by Iran’s leadership. If sealed, the US would lift its naval blockade and resume Iran’s oil sales, helping lift stocks as investors welcomed potential de‑escalation in the region.