As optimism rises over the reopening of the Strait of Hormuz, oil prices have fallen.

In early Asian trading, oil prices fell as optimism grew over the reopening of the Strait of Hormuz, a critical waterway through which one-fifth of the world's oil is transported. Analysts at ANZ Research noted, "Iran has stated that it has reached an agreement with Oman on the proposed shipping route through this waterway, although details are still to be finalized." The analysts added in a research report, "It is said that both incoming and outgoing routes are within Iranian waters in the northern part of the strait." West Texas Intermediate crude futures for the nearest month fell 0.3%, trading at $74.98 per barrel.