Crude oil falls over 5% as U.S.-Iran talks raise hopes
Crude oil prices slid more than 5% on Tuesday, making it three days in a row of falling prices.
The reason? There's fresh hope around U.S.-Iran talks that could calm tensions in the Gulf.
Brent crude is now at $80.67 per barrel and WTI at $77.83, both down sharply from last week's highs, when supply worries were high and Brent briefly surged above $100 per barrel.
Regional diplomacy eases supply fears
This price dip follows renewed diplomacy in the region, like Iran's foreign minister discussing the security of the Strait of Hormuz in phone calls with his Saudi and Omani counterparts.
President Trump also mentioned "deep talks" with Iran and paused military action for now, but warned strikes could return if things go south.
All this has helped ease fears about supply disruptions and brought some relief to global markets.