Oil prices dip amid reports of tentative US-Iran deal
Summary
Oil prices fell on Thursday after reports said the U.S. and Iran reached a tentative deal to extend their ceasefire and reopen the Strait of Hormuz. The price of Brent crude oil dropped to about $94 per barrel from $96, while U.S. crude was around $89 per barrel.Key Facts
- The U.S. and Iran reportedly made a tentative agreement to extend a ceasefire.
- The deal includes reopening the Strait of Hormuz, a key shipping route.
- Brent crude oil price fell from about $96 to $94 per barrel.
- U.S. West Texas Intermediate crude was trading near $89 per barrel.
- The price changes happened on a Thursday afternoon.
- The Strait of Hormuz is important because much of the world’s oil passes through it.
- A tentative deal means the agreement is not final yet but shows progress.
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