Oil Slips With Fresh Iran Deal Hopes, Hormuz Watch Back in Focus
Oil prices fell about 4% Wednesday after Iranian state TV reported a draft U.S.-Iran deal to reopen the Strait of Hormuz, sending Brent to $95.59 a barrel and U.S. crude to $88.91. The White House called the report “complete fabrication.” Shipping traffic through Hormuz remains far below pre-war levels. Indian airlines IndiGo and Air India are cutting domestic flights, citing high fuel costs.