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Intl Oil Prices Slump 4%+ on Report of US-Iran Deal to Reopen Hormuz and Lift Iran Oil Sanctions
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A draft memorandum of understanding between Iran and the US comprises of a US commitment to lift oil sanctions and an Iranian commitment to reopen the Strait of Hormuz, Iranian state media reported. International oil prices extended losses, with Brent oil futures and New York oil futures diving more than 4% to USD86.16 per barrel and USD83.67 per barrel, respectively. Under the 14-point document, final negotiations will not begin until part of Iran's frozen funds are released, oil sanctions are suspended and the maritime blockade is lifted. Earlier, US President Donald Trump said the US had reached a reconciliation agreement with Iran, provided that the final text of the document can be finalized. Once the agreement is signed, Hormuz will be reopened immediately. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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