Oil prices drop nearly 7% as possible deal looms 🚨
Oil prices dropped significantly on Monday amid optimism that the U.S. and Iran might be getting closer to reaching a peace deal that would reopen the Stright of Hormuz.
Brent crude futures tumbled nearly 7%, at $96.30 a barrel by mid-afternoon Monday, a little more than three weeks after oil prices spiked to a four-year high
A draft proposal for an agreement stipulates that Iran would immediately reopen the vital waterway and take steps to ensure traffic returns to pre‑war conditions within 30 days, two regional officials with knowledge of the ongoing diplomacy.
Still, Iran's semi-official Fars News Agency said Saturday that even "in the event of a possible agreement, the Strait of Hormuz will still be under Iranian management."
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