(Bloomberg) -- Oil sank after the US and Iran agreed to a peace deal to end the war in the Middle East, potentially allowing the Strait of Hormuz to reopen.
-- Oil sank after the US and Iran agreed to a peace deal to end the war in the Middle East, potentially allowing the Strait of Hormuz to reopen.
Iran Pushes Differing Deal Versions as US Sticks to Timeline Brent fell more than 3% toward $84 a barrel, after closing last week at the lowest in more than three months, while West Texas Intermediate was near $81. President Donald Trump said in social-media posts he was authorizing the “toll free opening” of Hormuz, as well as ending a blockade of the Islamic Republic, with the strait to reopen when the deal is signed on Friday.
Iran Deputy Foreign Minister Kazem Gharibabadi confirmed an agreement was reached, and said the text would be published after the signing event in Switzerland. US Vice President JD Vance said he “certainly” plans to attend the ceremony, and that it was possible that Trump would also go. Global energy markets have been in thrall to the war since it erupted in late February, when the US and Israel attacked Iran to curb its nuclear program.
Tehran’s response included strikes across the Persian Gulf and shuttering Hormuz, which in peacetime carried about a fifth of global oil flows. Separately, US forces had imposed their own blockade of Iran-linked vessels. After oil spiked in the initial period of the conflict, prices have given up ground in recent weeks on repeated signals that Washington and Tehran were close to an agreement, as well as signs that some crude flows via the strait had resumed.
In addition, developed economies tapped emergency crude reserves, and some leading importers — notably China — scaled back imports. While the agreement will be a major relief for Persian Gulf energy producers, the global shipping industry and consumers, numerous hurdles remain before traffic through the Hormuz chokepoint can fully resume. These include the clearing of anti-ship mines, as well as clarity on Tehran’s desire to exercise greater control over vessels passing through.
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