Crude oil prices drop 4% after Trump announces Iran deal completion
By
Camila Domonoske
Master baker tier. Every paragraph earns its place on the tray.
Summary
Crude oil futures dropped 4% on Sunday night after President Trump posted on social media that a deal to end the war with Iran was "complete." Oil prices had already fallen significantly on Thursday and Friday in anticipation of the deal, bringing the total decline to 12% from mid-week levels. The deal is expected to include the reopening of the Strait of Hormuz, with a signing scheduled for Friday.
Key quotes
· 3 pulledPresident Trump posted on social media that a deal to end the war with Iran was 'complete.'
Oil futures markets promptly dropped 4%, after markets reopened for trading following their typical weekend break.
Prices had already fallen significantly on Thursday and Friday in anticipation of a deal, bringing the per-barrel price of crude Sunday night down 12% from where it had been in the middle of last week.
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