Oil prices fell about 5% for a second straight day on Tuesday, hitting three-month lows amid hopes the Strait of Hormuz will reopen. Brent crude futures dropped 5.1% to settle at $78.96 a barrel, while US West Texas Intermediate (WTI) fell 5.8% to $76.05. Those were the lowest closes for Brent since March 2 and for WTI since March 4.