Oil prices dropped to a three-week low as senior US officials indicated progress in talks with Iran aimed at reopening the crucial Strait of Hormuz. The potential easing of supply disruptions has significantly impacted global oil markets.

• Brent crude prices fell by almost 5% to under $80 (£60).
• US Secretary of State Marco Rubio and Treasury Secretary Scott Bessent announced talks had progressed.
• The Strait of Hormuz handles about one-fifth of global daily oil and liquefied natural gas supplies.