US oil prices tumbled on Tuesday after Secretary of State Mike Pompeo hinted at thawing tensions between the United States and Iran.
Crude plunged as much as 4.2% after Pompeo said at a Cabinet meeting that Iran is ready to negotiate about its missile program. Crude finished the day at $57.62 a barrel, down 3.3%.
The apparent progress between the United States and Iran could ease fears of a military conflict that would sideline supplies near the Strait of Hormuz, the vital oil chokepoint in the Middle East. Attacks on oil tankers have lifted oil prices in recent weeks.
President Donald Trump said “a lot of progress has been made” with Iran.
However, Iran on Tuesd