The Strait of Hormuz may reopen, causing oil prices to plummet.

On the 4th local time, U.S. Treasury Secretary Basant stated in an interview that the U.S. and Iran may reach an agreement on the 4th or 5th, which would allow the Strait of Hormuz to reopen and permit merchant ships to pass freely. In response to this news, international oil prices saw a significant drop on the same day. As of 21:45 Beijing time on the 4th, the price of light crude oil futures for September delivery on the New York Mercantile Exchange had fallen by 4.79%, reaching $76.50 per barrel; the price of Brent crude oil futures for October delivery had decreased by 4.23%, settling at $80.23 per barrel.