Oil prices plunged on Wednesday after Qatar announced that US-Iran negotiations had resumed, with the US Treasury secretary suggesting a deal could be reached "today or tomorrow." The international Brent crude benchmark fell back below $80 a barrel, while the main US contract, West Texas Intermediate, dropped 5% to $76.32. Earlier in the day, prices had risen after Yemen's Iran-backed Houthis claimed they had struck a Saudi oil tanker in the Red Sea. Separately, a tanker reported new explosions in the Strait of Hormuz amid the talks, but the United Kingdom Maritime Trade Operations confirmed that the crew and vessel were safe. President Donald Trump said that Iran would be "hit very hard" if the strait is not opened soon. US Secretary of State Marco Rubio and Treasury Secretary Scott Bessent both announced that talks had progressed to allow shipments to resume. The diplomatic efforts, which also included Iran-Oman talks, eased concerns over supply disruptions that had sent prices soaring in recent months. US stocks also benefited, with the Dow Jones rising 1.3% and the S&P 500 hitting an intraday record for the first time since June.