Oil prices have fallen to a three-week low after comments by Qatari and US officials raised hopes for a diplomatic resolution to the Iran war that could improve oil flows through the Strait of Hormuz, Reuters reports.
Brent crude futures have dropped $3.30, or 3.9 per cent, to $80.47 a barrel by 1519 GMT (8:19pm PKT), and US West Texas Intermediate futures have dropped $3.67, or 4.6pc, to $76.67 a barrel.
