Oil prices dive as IEA eyes emergency release with Hormuz Strait in focus

NEW YORK, United States — Crude prices sank and equities mostly rose Tuesday as oil-importing countries discussed a possible stockpile release while monitoring the Strait of Hormuz, a key petroleum waterway emptied of traffic as the Middle East war rages. International oil benchmark, Brent North Sea crude, plunged 11.3 percent to $87.80 a barrel, a day after it neared $120.