Oil Prices Drop Over 3% After Trump Announces US-Iran Peace Deal to Reopen Strait of Hormuz
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Rong Wei Neo
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Summary
Oil prices dropped sharply after President Trump announced a US-Iran peace deal to end the Middle East war, which would allow the Strait of Hormuz to reopen. Brent crude fell over 3% toward $84 a barrel, and West Texas Intermediate was near $81. The deal is expected to be signed on Friday, with Trump authorizing the "toll free opening" of the strategic waterway and ending the blockade of Iran.
Key quotes
· 3 pulledPresident Donald Trump said in social-media posts he was authorizing the 'toll free opening' of Hormuz
Oil sank after the US and Iran agreed to a peace deal to end the war in the Middle East, potentially allowing the Strait of Hormuz to reopen
Brent fell more than 3% toward $84 a barrel, after closing last week at the lowest in more than three months
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