Oil falls more than 1% on reports of possible US-Iran ceasefire deal
Oil futures fell as traders weighed a possible 60-day ceasefire extension and a reopening of the Strait of Hormuz, which carries about 20% of global energy supply.
- On Friday, Brent crude futures for July fell 35 cents, or 0.37 per cent, to $93.36 a barrel, reacting to reports of a potential U.S.-Iran ceasefire extension.
- Sources told Reuters on Thursday that the U.S. and Iran reached an agreement to extend their ceasefire for 60 days, though President Donald Trump has yet to approve it.
- Vice President JD Vance told reporters Washington was "not there yet" with Iran regarding an agreement, citing sticking points on enriched uranium stockpiles.
- Prices have swung by as much as $6 in recent sessions due to conflicting signals regarding the three-month Iran war and potential reopening of the Strait of Hormuz.
- Oil trading advisory firm Ritterbusch and Associates noted the market remains sensitive to Middle East headlines, while UBS analyst Giovanni Staunovo cited ongoing sensitivity to regional news.
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85 Articles
The futures of crude oil fell by about 2% this Friday and were heading towards their biggest weekly collapse since the beginning of April, after it became known that the United States and Iran had reached an agreement on a possible extension of the ceasefire. At 1059 GMT, the futures of Brent crude by July, which expire during the day, dropped $1.66, or 1.77%, to $92.05 a barrel. The August contract, more active, yielded $1.63, or 1.76%, to $91.…
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Possible Iran Deal Sends Oil Prices Lower as Trump Reviews War Memo
President Donald Trump is weighing whether to back a proposed memorandum that could help bring an end to the war with Iran, CNN reported, as oil prices moved lower on signs of a possible deal. The memo is understood to outline a potential framework for ending hostilities and opening the door to renewed talks on Iran’s nuclear program, sanctions relief, and shipping access through the Strait of Hormuz. Markets reacted quickly to the possibility o…
Daily News-Record
Wall Street inches higher while oil prices fall on optimism over talks of Iran ceasefire extension
Oil prices are down and markets are inching higher before the opening bell, adding to records hit a day earlier on optimism over a tentative deal to extend the ceasefire in the war with Iran. Futures for the S&P 500…
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