Oil Sinks to $94 as Iran’s $8 Billion Hormuz Deal Heads to Trump
Brent crude fell 3.6% to $94.00 per barrel on Monday as Qatar’s prime minister headed to the White House with an Iranian proposal for an interim deal to reopen the Strait of Hormuz. WTI dropped 3% to $88.09, and U.S. natural gas rose 0.8% to $3.02/MMBtu as of 7:26 a.m. ET. The decline extends last week’s 16% slide in Brent, the benchmark’s steepest weekly fall since the start of the Covid-19…
Oil prices have dropped to $94 per barrel as Iran's $8 billion Hormuz deal heads to President Trump, according to reports. The deal, brokered by Qatar, would see Iran reopen the Strait of Hormuz and halt attacks on Gulf tankers, while the U.S. would lift its naval and economic blockade of Iran and release $8 billion in Iranian funds frozen in Qatar.
However, neither government has confirmed the terms, and some officials oppose the deal. Trump stated that renewed U.S. strikes on Iran are "highly unlikely" if negotiations produce a strong agreement. The deal comes after a similar one in May collapsed due to an Iranian attack on oil tankers.
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