Oil price drops below $95 as Iran state media releases detail of draft peace deal with US - business live
Summary
Oil prices fell about 4% after Iranian state TV reported that Iran plans to restore commercial shipping through the Strait of Hormuz to pre-war levels within one month. This news raised hopes of reduced tension in the Middle East, easing fears about global energy supply disruptions.Key Facts
- Brent crude oil price dropped 4% to below $95 a barrel, later settling near $95.24.
- Iran and the US are reportedly discussing a draft peace deal involving reopening shipping through the Strait of Hormuz.
- The deal would exclude military vessels and requires verification before any actions are taken.
- If finalized within 60 days, the agreement could become a UN Security Council resolution.
- The US dollar fell 0.2% against other major currencies following the news.
- Oil prices are at a five-week low due to growing hopes of easing Middle East tensions.
- Markets are cautious until more concrete details of the agreement emerge.
- The draft deal includes the US withdrawing military forces nearby and lifting a naval blockade.
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