A top US official said Tuesday that a deal with Iran to reopen the Strait of Hormuz could be struck "today or tomorrow", sending oil prices tumbling on hopes of increased shipments through the vital waterway. The Strait of Hormuz, a key conduit for global oil and gas supplies, has been the spark for renewed fighting. Red Sea attackThe disruptions in Hormuz have only placed greater importance on shipping lanes through the Red Sea, where Iran-backed Houthi rebels in Yemen have declared a maritime blockade on Saudi Arabia. The Saudi Red Sea port of Yanbu has enabled it to keep up shipments to global markets by circumventing Hormuz entirely. On Tuesday, the Indian ship MSV Faize Noore Oliya sank in the Red Sea off Yemen following an unattributed attack, with all of its crew rescued.