00:00On separate news, oil prices fell more than 5% and settled at a three-week low on Tuesday
00:05after comments by Qatari and U.S. officials raised hopes for a diplomatic resolution to the Iran war
00:11which could improve all flows through the Strait of Hormuz.
00:14Brent crude futures fell $4.41 or 5.3% to settle at $79.36 a barrel, the lowest since
00:23July 13.
00:23U.S.-West Texas Intermediate Futures settled down $4.57 or 5.7% at $75.77 a barrel, also a
00:33three-week low.
00:36U.S. Secretary of State Marco Rubio said on Tuesday there was a progress in talks with Iran and Oman
00:42about moving more ships through the Strait but a final agreement was yet to be reached.
00:47Treasury Secretary Scott Bassan has said earlier on Tuesday that a deal with Iran to reopen the Strait
00:52could come as soon as Tuesday on Wednesday.
00:55Qatar's Foreign Ministry Spokesperson Majid Al Ansari said efforts to secure a diplomatic resolution to the war were continuing.
01:03The Emir's office said Qatar's Emir and U.S. President Donald Trump have discussed ways to reduce escalation
01:10and converge viewpoints between the United States and Iran.
01:14Meanwhile, the latest round of U.S.-facilitated talks between Israel and Lebanon began on Tuesday
01:19and will continue through Thursday, a U.S. State Department spokesperson said.
01:24Head of Business Development at BrokerageAccess.com, Simon Peter Massabini said,
01:29the prospect of a diplomatic solution to the conflict has helped remove some of the geopolitical risk
01:34premium in all prices after the U.S. resumed bombing Iran last month.
01:39Massabini said if negotiations between the United States and Iran make meaningful progress,
01:44the market could continue pricing in a lower probability of supply destructions,
01:49further reducing the geopolitical risk premium embedded in crude prices.
Comments