Oil Markets Price In an Iran Deal That Does Not Exist Yet

Oil prices tumbled Tuesday as traders once again priced in a U. S. -Iran agreement before anyone had actually signed one. West Texas Intermediate was trading at $75. 64 per barrel shortly before 2 p. m. ET, down $4. 70, or 5. 85%, while Brent had fallen $4. 61 to $79. 16.

Both benchmarks touched three-week lows as hopes rose that an agreement could reopen the Strait of Hormuz. Treasury Secretary Scott Bessent said a deal could come Tuesday or Wednesday, while Secretary of State Marco Rubio said talks involving Iran and Oman had made progress.