Oil Falls Amid Prospects of U.S.-Iran Deal to Reopen Strait of Hormuz

Oil fell in early trade as prospects of a U.S.-Iran deal to reopen the Strait of Hormuz grew. U.S. Treasury Secretary Bessent said the U.S. could reach a deal with Iran to reopen the Strait of Hormuz "today." This critical waterway carries one-fifth of the world’s oil supply for many nations.