Oil fell for a third day on optimism a deal can be reached to reopen the Strait of Hormuz, potentially freeing up Persian Gulf supplies. Qatar said on Tuesday that an interim proposal had been drafted, and both Washington and Tehran signalled progress in talks to reopen the waterway. Separately, Axios reported the US, Iran and Oman were nearing an interim, 60-day accord to reopen the conduit, with Washington aiming for an announcement later Wednesday. He added, however, that “if they don’t make a deal, it’s going to be too bad.” ADVERTISEMENT: CONTINUE READING BELOWIn a sign of potential progress, Iran is considering allowing European nations to remove mines from the strait, according to diplomats familiar with the matter.