Crude oil drops as US inches towards Iran deal to reopen Strait of Hormuz

AI Summary

Oil prices declined as the US and Iran approached a potential deal to reopen the Strait of Hormuz, although President Trump maintained a blockade until the deal is finalized. Brent crude dropped more than 4% while West Texas Intermediate remained near $92 a barrel amid cautious optimism.

Oil dropped at the week’s open as the US and Iran edged towards a deal, although US President Donald Trump said Washington’s blockade of the Strait of Hormuz would remain until an agreement was completed. Global crude benchmark Brent fell as much as 4.2 per cent to US$99.16 a barrel, after declining more than 5 per cent last week, while West Texas Intermediate was near US$92. Trump said in social-media posts he would not “rush” into a deal, which “isn’t even fully negotiated yet”. Any final...