Brent crude dropped 2.5% to below $82 a barrel on Tuesday after Qatar's foreign ministry said a proposed de-escalation resolution was "being circulated between the parties" and US Treasury Secretary Scott Bessent told CNBC there was "a chance we may have a deal today or tomorrow to open the strait." Both Qatar and Bessent cautioned no solid agreement exists, and Iran has not signaled progress on Hormuz. Qatar, a main mediator, said the focus is on a short-term resolution to avoid further confrontation, while Iran continues to insist on its right to manage maritime traffic and charge for access. The Strait of Hormuz remains all but shut, with hardly any vessels transiting with transponders on.
Context
The diplomatic signal follows Monday's reported cargo-ship attack in the Strait of Hormuz and Iran's ongoing targeting of regional trade routes to pressure US concessions.
