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Oil prices dropped to their lowest level in nearly three weeks after senior US officials signaled that progress had been made toward reopening the Strait of Hormuz, a vital global energy shipping route. Brent crude and US West Texas Intermediate both fell sharply as markets reacted to hopes of easing supply disruptions. Speaking to CNBC, US Treasury Secretary Scott Bessent said, "There was a chance we may have a deal today or tomorrow to open the strait and move towards a more normalized position in this conflict." When asked whether Iran would charge ships for passage, he replied, "It would be freedom of movement." Despite the optimism, uncertainty remains as Iran insists it is negotiating through Oman rather than directly with the United States. Investors remain cautious, knowing previous diplomatic breakthroughs have failed to produce lasting agreements. Lower oil prices lifted market sentiment, although tensions across the Middle East continue to keep global energy markets on edge.

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00:00energy price. Japan is a substantial importer of energy from the Gulf. And we've seen President
00:09Trump last week threatened what would have been one of the largest military campaigns or the
00:16largest military campaigns since World War II against the Iranians. And now we are, because of
00:22that, we are in talks with the Iranians. And I think there is a chance we may have a deal
00:27today
00:28or tomorrow to open the strait and move towards a more normalized position in this conflict. And
00:37that's because their air force is wiped out, their Navy is wiped out, substantial portion of their
00:43missiles are wiped out. More importantly, their missile production capability is wiped out. So
00:50anything that happens in the Gulf will benefit Japan and indeed the rest of the world, Joe.
00:56Just to clarify.

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