Oil dips as US, Iran progress on Strait of Hormuz
Business
Oil prices just took a noticeable dip for the third day in a row, mainly because the US and Iran are making progress in diplomatic talks to reopen the Strait of Hormuz, a key route for global oil.
WTI crude is down to about $75 a barrel after losing more than 10% in the prior two sessions, and Brent crude slipped below $80 for the first time in weeks.
Qatar says interim proposal drafted
The drop comes as both Washington and Tehran sound optimistic after Qatar said an interim proposal had been drafted.
President Trump even paused military action to give these negotiations more time.
Iran is also open to letting European countries clear mines from the strait, while Saudi Arabia is talking with Yemen's Houthi rebels to calm things down regionally.