Brent: Price slips on Hormuz deal hopes – Rabobank
Rabobank’s Global Daily notes Brent futures fell to around $79 as reports suggested the US, Iran and Oman are close to a temporary deal to reopen the Strait of Hormuz.
Rabobank's Global Daily notes that Brent futures dropped to around $79 as US, Iran, and Oman appear close to a temporary deal to reopen the Strait of Hormuz. The structure of this 60-day arrangement mirrors a previous agreement that fell apart after renewed attacks, leaving a long and risky road ahead. Axios reports that the US hopes for an announcement today.
The deal would see an inbound shipping route through Iranian waters, outbound shipping via the Oman side, and no tolls or fees for the 60-day period. However, if this deal isn't scuttled by a drone or missile strike, there's a long and risky road still to navigate, with negotiations focused on avoiding new escalation and not solving key sticking points.
President Trump may need to choose between Iran's terms or escalation, potentially leading to more frustration and another week of uncertainty.
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