<\/p>\n
Oil dropped as the US and Iran edged toward a deal, although President Donald Trump said that Washington\u2019s blockade of the Strait of Hormuz would remain until an agreement was completed.<\/p>\n
Global crude benchmark Brent fell as much as 5.7% to $97.64 a barrel, while West Texas Intermediate was near $92. Trump said in social-media posts he wouldn\u2019t \u201crush\u201d into a deal, which \u201cisn\u2019t even fully negotiated yet.\u201d Any final approval may take several days, according to senior US officials.<\/p>\n<\/p>\n
Still, it remains unclear how key differences, including the fate of the Islamic Republic\u2019s nuclear program, will be addressed. Iran\u2019s Tasnim news agency said the draft agreement could still collapse because the US was obstructing some key clauses, including a demand that its assets be unfrozen.<\/p>\n
\u201cThe two sides may be closer on a ceasefire and Strait of Hormuz reopening framework, but still far apart on the harder issues,\u201d said Charu Chanana, chief investment strategist at Saxo Markets in Singapore, citing sanctions and the nuclear program. \u201cOil has priced in relief, but not a durable resolution.\u201d<\/p>\n
Global energy markets have been upended by the crisis, which began in February when the US and Israel attacked Iran. The conflict spread rapidly across the Persian Gulf region, forcing producers to shut in millions of barrels of daily crude supplies. Hormuz \u2014 which links the region to global markets \u2014 has been subject to a double blockade by both Tehran and Washington.<\/p>\n
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Brent\u2019s drop on Monday was its fourth decline in five sessions and puts futures on course for the lowest close in more than a month. Also in energy markets, Europe\u2019s natural gas benchmark fell as much as 6.3%.<\/p>\n
\u201cA lot of oil was trading on worst case assumptions for weeks,\u201d said Haris Khurshid, chief investment officer at Chicago-based Karobaar Capital LP. \u201cBut once it became clear talks were still alive and escalation wasn\u2019t accelerating, a chunk of that fear premium comes out pretty fast.\u201d<\/p>\n
A full reopening of Hormuz \u2014 which in peacetime typically handled around a fifth of the world\u2019s oil and liquefied natural gas \u00a0\u2014 would be a relief for energy importers across Asia, including China, Japan, and South Korea.<\/p>\n
Transits through the conduit have been running at a fraction of their pre-war pace, although a few vessels have made it through. Among them, a supertanker hauling Iraqi crude to China left the Persian Gulf and crossed the US blockade line, ship-tracking data compiled by Bloomberg show. In addition, three liquefied natural gas tankers appear to have exited in recent days.<\/p>\n
Iran claimed that 33 vessels, including oil tankers and container ships, had passed through the strait after obtaining permission from the Islamic Revolutionary Guard Corps Navy, Tasnim reported on Sunday, citing the force. The Trump administration has said that any toll system is unacceptable.<\/p>\n
The US and Iran have developed a memorandum that would extend the ceasefire by 60 days as the two sides seek a permanent deal, the Washington Post reported, citing a senior administration official. If agreed, the strait would be de-mined and reopened in the meantime, the newspaper said.<\/p>\n
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Prices:<\/p>\n
Brent for July settlement fell 4.4% to $99.03 a barrel at 10:25 a.m. in Singapore.
\nWTI for July delivery declined 4.7% to $92.11 a barrel.<\/p>\n
President Trump has been facing growing domestic political pressure to end the conflict, particularly ahead of the November midterm elections that will determine control of Congress. The war has boosted the cost of fuels, with average US gasoline prices hitting the highest since 2022.<\/p>\n
Kevin Hassett, Trump\u2019s chief economic adviser at the White House, told Fox News on Sunday he expects energy prices to drop once there\u2019s a deal, which could then create space for the Federal Reserve to cut rates. \u201cWe expect energy prices, as soon as there\u2019s a deal, to plummet,\u201d Hassett said.<\/p>\n
Elsewhere, Russia and Ukraine struck each other\u2019s energy infrastructure. Ukraine hit the Sheskharis oil terminal, the largest on Russia\u2019s Black Sea coast; a storage facility; and a major petrochemicals plant. State energy company Naftogaz said Russia targeted oil-and-gas facilities in the east.<\/p>\n
Trading in oil may be lower than usual on Monday, with some traders away from their desks for public holidays in the US and the UK.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Oil #drops #touts #progress #deal #reopening #strait<\/p>\n","protected":false},"excerpt":{"rendered":"
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