Oil prices ease on hopes of progress in Hormuz Strait crisis

WASHINGTON, United States — Oil prices fell on Tuesday on expectations of progress in the Hormuz Strait crisis. Brent crude dropped 27 cents to $82.90 a barrel, while U.S. West Texas Intermediate (WTI) declined 10 cents to $80.65. Markets are awaiting details of a temporary agreement between the United States and Iran, expected to be signed in Switzerland on Friday. The final text of the deal has not yet been released by Washington or Tehran, and traders remain cautious amid the uncertainty. Energy-sector officials in Gulf states said they have received a growing number of inquiries from buyers about whether crude shipments through the Strait of Hormuz will resume. Executives at shipping companies and oil traders have said they need greater clarity on the agreement before assigning vessels to carry cargoes along the route.