Hormuz reopening hopes send oil prices tumbling as Iran negotiations gain traction

An oil tanker docked at Port of Fujairah, in Fujairah, United Arab Emirates, May 6, 2026.— ReutersPrices fall on hopes renewed efforts may reopen Hormuz.Iran, Oman finalising deal to manage strategic waterway.Flows through strait slip to about one-quarter of pre-war levels.