Oil Holds Near Three-Month Low as Iran Deal Seen Boosting Supply (opens original article in a new tab)

Oil prices fell near a three-month low as traders anticipated increased supply from a potential US-Iran deal to reopen the Strait of Hormuz, though initial recovery of traffic may be slow. Crude stockpiles also declined sharply.

• Oil prices near three-month low due to expectations of increased supply from US-Iran deal
• US-Iran deal aims to reopen Strait of Hormuz and allow Iran to sell oil immediately
• Traders anticipate slow initial recovery of Hormuz traffic due to ongoing naval operations
• US crude inventories dropped 8.3 million barrels last week