Oil Prices Drop After Qatar, U.S. Raise Iran Deal Hopes; GOP Senators to Advance Blanche Nomination

Oil prices fell as low as 5% on Tuesday to a three-week low after comments by Qatar and U.S. Treasury Secretary Scott Bessent raised hopes for a diplomatic resolution to the Middle East conflict, which would improve oil flows through the Strait of Hormuz.

Senate Republicans are expected to advance acting Attorney General Todd Blanche’s nomination to be the next attorney general on a permanent basis. It had been delayed over concerns about the “anti-weaponisation” fund from two GOP members on the panel.

Sens. John Cornyn (R-Texas) and Thom Tillis (R-N.C.) previously threatened Blanche’s bid to lead the Justice Department over the $1.77 billion fund, which would be used to compensate people who suspect they were unfairly prosecuted by the Department of Justice (DOJ).