00:00Oil prices sank Wednesday after reports signaled progress toward a potential agreement between the United States and Iran
00:06that could reopen shipping lanes through the Strait of Hormuz.
00:09The waterway handles roughly a fifth of the world's oil traffic, making any disruption there a major concern for global
00:16markets.
00:17Traders reacted quickly to signs that tensions in the region may be cooling,
00:21sending U.S. crude prices below the $90 mark for the first time in days.
00:26Energy analysts say investors are now betting that a reopening of commercial traffic would reduce the risk of supply shortages
00:33and help stabilize fuel prices worldwide.
00:36Despite the market optimism, officials caution that negotiations remain fragile
00:40and military tensions in the region have not fully eased.
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