Washington, Aug. 5 (SANA)Oil pricesfell more than 5% at settlement on Tuesday, reaching their lowest levels in three weeks after statements indicating progress in diplomatic talks between the United States and Iran reduced concerns over possible disruptions to oil shipments through the Strait of Hormuz.According to Reuters, Brent crude futures declined $4.41, or 5.3%, to settle at $79.36 a barrel, marking their lowest closing level since July 13.U.S. West Texas Intermediate crude futures fell $4.57, or 5.7%, to settle at $75.77 a barrel, also reaching a three-week low.The decline followed comments from U.S. officials on progress in talks with Iran and Oman concerning the movement of additional vessels through the Strait of Hormuz, a key route for global oil shipments.U.S. Secretary of State Marco Rubio said the talks had made progress but added that no final agreement had been reached.U.S. Treasury Secretary Scott Bessent said an agreement with Iran to reopen the strategic waterway could be reached as early as Wednesday.Markets reacted to the developments by lowering expectations of possible supply disruptions in the Middle East, contributing to the decline in crude oil prices.