Oil prices fall on reports that US, Iran may be close to deal to end the war
Oil prices fell sharply on reports that the US and Iran may be nearing a deal to end the war, with Brent crude dropping as much as 11% to below $100 per barrel. The potential agreement includes a moratorium on Tehran's nuclear enrichment program and the reopening of the Strait of Hormuz.
Oil prices plunged on Wednesday morning after reports that the US and Iran may be close to a deal to end the war. Brent crude futures fell by as much as 11% to below $100 per barrel before recovering to trade above $103. The US and Iran are discussing a potential agreement that includes a moratorium on Tehran's nuclear enrichment program, the lifting of US sanctions, and the reopening of the Strait of Hormuz. Iran is expected to respond to the US proposal through mediator nation Pakistan within the next two days. Ebrahim Rezaei, spokesperson for Iran's National Security and Foreign Policy Commission, said the terms reported represent an American 'wish list.' The news comes after President Trump ended 'Project Freedom,' a White House operation to guide vessels out of the Persian Gulf. The US had also ended Operation Epic Fury, initial air strikes and other military action against Iran.
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