ConfirmedShipping, energy & marketsBackgroundLondon, United Kingdom
Brent drops below $100 on U.S.-Iran deal hopes, then slides to about $96
- Mountain Time
- Local time
- 11:03 PM in London
- Where
- London, United Kingdom
When trading resumed on Sunday evening Brent futures fell $4.64 to $98.90 a barrel by 22:03 GMT and U.S. crude to $92.18; by Monday afternoon Brent was down nearly 7% at $96.30. CBS reported that a draft proposal had Iran reopening the strait immediately and restoring pre-war traffic within 30 days.
Why it matters
Prices were retreating from a four-year high set about three weeks earlier on expectations that Hormuz could reopen.
Sources (2)
- Al Jazeeraaljazeera.comPublished
- CBS Newscbsnews.comPublished
Confidence: Corroborated by independent sources or direct evidence. About confidence labels