Oil Steadies Near Lowest Since March on Outlook for Hormuz Deal (opens original article in a new tab)

Oil prices fell over 5% on Monday amid optimism about a US-Iran deal to reopen the Strait of Hormuz, with prices near their lowest since March but logistical challenges remain.

• Oil prices dropped over 5% on Monday due to optimism about a US-Iran deal to reopen the Strait of Hormuz.
• The deal is scheduled to be signed in Switzerland on Friday, with US President Trump stating the waterway would be cleared.
• Oil prices are near their lowest level since early March, reducing inflationary pressures but logistical hurdles remain for full supply normalization.