Oil dips below 80 after US official remarks

Oil prices have decreased significantly, with Brent crude dropping over 5% to $79.50 per barrel, the lowest since July. West Texas Intermediate also fell more than 5.5% to $75.77 per barrel. This comes amid expectations of a potential opening of the Strait of Hormuz following comments by U.S. Treasury Secretary Scott Pruitt, while tensions between Washington and Tehran continued without full clarity. These declines were accompanied by a rise in U.S. stocks, with the Dow Jones Industrial Average increasing by 1.5%.

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