The benchmark Brent crude oil barrel fell below the threshold of 80 dollars this Tuesday, something that had not happened for more than three weeks, after the U.S. Treasury Secretary, Scott Bessent, expressed his confidence in reaching an understanding with Iran "today or tomorrow" that would allow the Strait of Hormuz to reopen to commercial shipping traffic.
Following Bessent's words, the price of European crude underwent a sharp correction and fell nearly 5% compared to Monday's close, settling at 79.75 dollars per barrel, its lowest level since July 13 and 22% lower than the 102 dollars marked on July 23, 2026.
In parallel, the price of West Texas Intermediate (WTI), the benchmark in the United States, dropped 5.4% after the opening of Wall Street and fell below 76 dollars, also for the first time since July 13.
"We are in talks with Iran," Scott Bessent indicated in statements to the CNBC network, reported by Europa Press. "There is a possibility that we will reach an agreement today or tomorrow to open the strait and move towards a more normalized position in this conflict," he added.
In this regard, the head of the U.S. Treasury emphasized that, if such an agreement is reached, "freedom of movement" would be restored, which would rule out Tehran imposing any kind of toll on ships crossing this strategic maritime passage.