Oil prices fall 4% on Iran talks

• Brent crude fell 3.9% to $80.47 a barrel, while U.S. crude dropped 4.6% to $76.67 by 11:19 a.m. ET.
• Both benchmarks briefly fell more than 5% to their lowest levels since July 13.
• U.S. and Qatari officials reported diplomatic progress, although no agreement to reopen the Strait of Hormuz was finalised.

Brent crude fell 3.9% to $80.47 a barrel, while West Texas Intermediate crude dropped 4.6% to $76.67 by 11:19 a.m. ET.

Both contracts fell more than 5% earlier, reaching their lowest levels since July 13 as traders reduced geopolitical risk premiums.

Marco Rubio reported progress without a final deal, while Scott Bessent said an agreement could come by Wednesday.

Following the comments, Brent crude price was down 3.9% at $80.47 a barrel.

Shipping traffic remained largely unchanged as vessel attacks and Iranian restrictions continued limiting oil exports through the Strait of Hormuz.

The strait previously carried about 20% of global petroleum consumption, while Aramco estimates the conflict has removed 2.6 billion barrels.