Oil plunges to $89 per barrel after Iran reports that peace deal would reopen Strait of Hormuz in 1 month

Oil prices plunged to $89 a barrel after reports that a proposed Iran-US peace deal could reopen the Strait of Hormuz within one month. The move points to a potential easing of geopolitical supply risk in a critical oil chokepoint, pressuring crude prices and broader energy markets.

Analysis

Oil prices plunged to $89 a barrel after reports that a proposed Iran-US peace deal could reopen the Strait of Hormuz within one month. The move points to a potential easing of geopolitical supply risk in a critical oil chokepoint, pressuring crude prices and broader energy markets.