Oil prices fell 4% on Monday after U.S. Vice President JD Vance said progress has been made in talks with Iran and that the Strait of Hormuz was open, easing supply concerns.
Brent crude was down $3.18 or 3.95%, at $77.39 a barrel by 11:44 a.m. ET (1544 GMT). Prices had climbed to $82.30 at the start of trading because of threats from U.S. President Donald Trump to restart the war on Iran, as well as an announcement from Tehran that it had again closed the Strait of Hormuz. U.S. West Texas Intermediate crude futures were at $74.45 a barrel,…
