Oil prices fall on hopes Strait of Hormuz could reopen

There was a "chance we may have a deal today or tomorrow to open the strait and move towards a more normalized position in this conflict," he told CNBC."It would be freedom of movement," he added, when asked whether Iran would be allowed to charge for ships passing through.While senior figures in the US government have announced talks have been progressing, no details of what a potential deal may look like have been released. The Strait of Hormuz has been a central point in negotiations between the US and Iran. Before the conflict began in late February, the waterway handled about one-fifth of global daily oil and liquefied natural gas supplies.The disruption has sent prices at the pumps up across the world. In the UK petrol prices are now at levels seen at the start of the conflict, with the average cost of a litre of petrol hitting £1.60, according to the RAC motoring group.In the US, gasoline prices are on average above $4 a gallon, according to the AAA. Diesel is almost $5.40 a gallon.Qatar, which is one of the key mediators between Washington and Tehran, said it was continuing efforts with other mediators to try to achieve a diplomatic resolution to the war, but admitted no direct talks were currently planned.On Monday, President Donald Trump warned Iran faced its "last chance" to agree a deal to allow commercial shipping to resume in the Strait.