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Oil prices fall amid Iran deal talks
Oil prices have fallen sharply as markets await the possibility of Washington and Tehran reaching an agreement to end the Iranian war and reopen the Strait of Hormuz, which could help restore financing and investment channels. Brent crude contracts declined by 2.0% to reach $92.43 per barrel, while West Texas Intermediate contracts dropped by 2.3% to settle at $89.17, amid concerns over a potential ceasefire collapse and weak regional stability. The Strait of Hormuz, through which a fifth of global oil production passes, remains closed due to sanctions and blockades, impacting the global oil market and trade flows.
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