Oil Slips With Fresh Iran Deal Hopes, Hormuz Watch Back in Focus
Oil prices slid about 4% Wednesday as Iranian state TV reported it had seen a draft U.S.-Iran deal aimed at ending fighting and reopening the Strait of Hormuz. Global benchmark Brent dropped $3.94 to $95.59 a barrel at 12:36 GMT. U.S. WTI crude was down $3.97 at $88.91. Hormuz is key for global shipping. The International Energy Agency reports around 20 million barrels a day of crude and oil products crossed the strait in 2025, nearly a quarter of the world’s seaborne oil trade. LNG shipments from Qatar and the United Arab Emirates also rely on the same route.