Oil drops as U.S. says deal with Iran and Hormuz reopening is near
Oil prices have decreased as the U.S. and Iran move closer to a potential deal regarding the Strait of Hormuz. President Trump indicated that the blockade would remain until an agreement is finalized, which may take several days. The outcome of negotiations, particularly concerning Iran's nuclear program and asset unfreezing, remains uncertain.
- ▪Global crude benchmark Brent fell as much as 5.2% to $98.12 a barrel.
- ▪Trump stated he would not rush into a deal that isn't fully negotiated yet.
- ▪The reopening of the Strait of Hormuz would significantly benefit energy importers in Asia.
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Oil dropped as the US and Iran edged toward a deal, although President Donald Trump said that Washington’s blockade of the Strait of Hormuz would remain until an agreement was completed.Recommended Video Global crude benchmark Brent fell as much as 5.2% to $98.12 a barrel, while West Texas Intermediate was near $92. Trump said in social-media posts he wouldn’t “rush” into a deal, which “isn’t even fully negotiated yet.” Any final approval may take several days, according to senior US officials. Still, it remains unclear how key differences, including the fate of the Islamic Republic’s nuclear program, will be addressed. Iran’s Tasnim news agency said the draft agreement could still collapse because the US was obstructing some key clauses, including a demand that its assets be unfrozen.
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