Oil Prices Fall Sharply on Hopes of Iran War Deal
A sharp drop in oil prices in hopes of a deal. The deal could bring an end to the US-Israel war with Iran. US Secretary of State Marco Rubio said negotiators had a “pretty solid thing on the table”. He added that an agreement might be reached on Monday.On Monday morning, global oil benchmark Brent fell 5.5% to $97.90 a barrel. It remained around $97.70 in the afternoon.
Trump Weighs In
President Donald Trump said the negotiations were “proceeding nicely”. However, he added that it would either be “a great deal for all or no deal at all”. Iran says progress has been made. But a government spokesman added that a deal was “not imminent”.
Strait of Hormuz Key to Deal
Trump had previously said the deal would include the reopening of the Strait of Hormuz. He gave no further details. The strait is a key shipping route. Around a fifth of the world’s oil and LNG usually passes through it. The strait has been effectively closed since the conflict started on 28 February. Earlier on Monday, Rubio said the talks were “still a work in progress”.
