The Main Points
- US crude oil futures fell about 3% to trade below $78 a barrel after Treasury Secretary Scott Bessent said a deal with Iran to reopen the Strait of Hormuz could come as soon as this week.
- Bessent said any agreement would restore freedom of movement for commercial vessels through the strait, a critical corridor for global oil shipments.
- The prospect of easing tensions added to the market's bullish tone, coming during the same stretch that saw major U.S. indexes touch fresh record highs.