Iranian remarks impact oil prices
Oil prices dropped sharply after Iranian statements indicating Tehran's ability to reopen the Strait of Hormuz within seven days if the United States eased military pressure. This led to the price of Brent crude falling to $97.67 per barrel and West Texas Intermediate to $89.43, the lowest levels since August 2023. The Iranian official confirmed that Tehran is prepared to resume diplomatic efforts to de-escalate tensions, amid concerns over potential disruptions in the Strait of Hormuz and their impact on global oil supplies.
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