Oil falls as US and Iran discuss Strait Deal
Reports merely reviewed the negotiations between the United States and Iran to reopen the Strait of Hormuz, where Iran proposed a new seven-day plan to achieve this, contingent upon certain conditions being met. Oil prices declined significantly, with Brent crude trading near $105 and West Texas Intermediate below $93, amid market fluctuations and expectations that prices will only change upon reaching a reliable agreement. The negotiations focused on the situation of the Strait of Hormuz, through which approximately one-fifth of global oil supplies pass, with Iran emphasizing its control over it, while Washington maintains a blockade on Iranian ports. Despite heightened tensions in the region, the market still expects oil prices to remain between $100 and $110, with the possibility of a decrease if an agreement is reached, or an increase if tensions persist or another disruption occurs in supply.
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