According to CoinMeta, there are again expectations in the oil market that the United States and Iran will reach an agreement, leading to a significant drop in oil prices on Tuesday. West Texas Intermediate crude was traded at $75.64 per barrel before 2 p.m. Eastern Time, a decrease of $4.70, or 5.85%. Brent crude fell by $4.61 to $79.16. Both prices hit three-week lows, as the market hopes the agreement will lead to the re-opening of the Strait of Hormuz. Treasury Secretary Scott Bosworth stated that an agreement could be reached on Tuesday or Wednesday, while Secretary of State Marco Rubio said negotiations with Iran and Oman have made progress. Qatar also indicated that diplomatic efforts are continuing. President Trump further stated that an agreement to re-open the Strait of Hormuz and denuclearize Iran is "imminent." However, Iran has stated that it is not in direct dialogue with Washington but is negotiating through Oman as a mediator. The United States and Iran are finalizing a 60-day temporary agreement, which is expected to be announced tomorrow.