Hopes for Strait of Hormuz reopening send oil prices lower

Oil prices tumbled to a three-week low on Tuesday as US officials said talks with Iran had progressed to reopen the Strait of Hormuz, with a deal possible within days. Brent crude fell nearly 5% below $80 a barrel. The waterway carries about a fifth of global oil, and previous negotiations have failed, leaving Iran insisting it is not negotiating with Washington. Meanwhile, petrol prices remain high worldwide.