Oil prices are plummeting as markets bet on a breakthrough deal to reopen the Strait of Hormuz — a lifeline for global oil flows. West Texas Intermediate is heading toward $75 a barrel after losing over 10% in two days, while Brent dips below $80 for the first time in three weeks. Qatar’s initial proposal, backed by talks between Washington and Tehran, has sparked optimism that even an imperfect agreement could ease supply fears and give the U.S. a diplomatic win — though nuclear issues may remain unresolved.
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