Oil Prices Fall Sharply Ahead of U.S.-Iran Memorandum Signing
Oil prices continued to decline on the eve of the planned signing of a memorandum of understanding between the United States and Iran, which is expected to reopen the Strait of Hormuz and end the American blockade on it. The agreement is set to be signed on Friday.
Brent crude is trading at $79 a barrel, while WTI crude is at $76 a barrel. The drop has brought prices close to the levels seen before the war.
The market movement reflects expectations tied to the deal and its implications for one of the world’s most important oil transit routes. No further details on the memorandum were provided in the report.
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