Oil prices fall 5% to 3-month low on hopes Strait of Hormuz will open (opens original article in a new tab)

Oil prices fell 5% to a three-month low as details emerged of an interim deal to end the Middle East war and reopen the Strait of Hormuz, including allowing Iran to sell oil. Brent and WTI crude prices hit their lowest levels since March 2023, though experts remain cautious about the timeline for recovery.

• Oil prices fell 5% to a three-month low on hopes of an interim deal to reopen the Strait of Hormuz
• Brent crude futures dropped to $78.96 and WTI to $76.05, the lowest since March 2023
• Details of the deal include allowing Iran to sell oil and extending a ceasefire for 60 days
• Experts warned that shipping and energy exports may take weeks to recover from the blockade