Oil prices plunge amid reported progress in US, Iran talks |
Oil prices plunge amid reported progress in US, Iran talks
Oil prices plunged around midday Wednesday as reports emerged that the U.S. and Iran are nearing an agreement on a one-page memorandum that could result in the reopening of the Strait of Hormuz.
The international benchmark, Brent crude oil, reached $101.75 at 11 a.m. EDT while West Texas Intermediate hit $95.60, according to Reuters.
Stock markets also surged as investors responded to a potential peace deal in the Middle East.
“Assuming Iran agrees to give what has been agreed to, which is, perhaps, a big assumption, the already legendary Epic Fury will be at an end, and the highly effective Blockade will allow the Hormuz Strait to be OPEN TO ALL, including Iran,” President Trump wrote in a Wednesday morning Truth Social post.
“If they don’t agree, the bombing starts, and it will be, sadly, at a much higher level and intensity than it was before,” he added.
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