Brent crude oil prices have fallen by 5% as the United States and Iran engage in negotiations to reopen the Strait of Hormuz and potentially end ongoing hostilities. The discussions aim to secure a deal that could stabilize the region and ensure the free flow of oil through the critical maritime passage. The Strait of Hormuz is a vital chokepoint for global oil shipments, and its reopening could significantly impact oil markets. The current negotiations have sparked optimism among traders, leading to the notable decrease in Brent crude prices.