Commodities
Iran-Oman Deal Sends Oil Prices Tumbling Amid Middle East Risks
Oil prices have declined as Iran and Oman reached an agreement on a shipping route through the Strait of Hormuz, raising hopes for increased energy flows.
The Brent crude price is hovering around $79 per barrel, while West Texas Intermediate (WTI) is trading at approximately $75 after experiencing an 11% drop in the first three trading sessions of the week.
A joint statement between Iran and Oman indicates that the route will remain operational for two to four months, but Iranian officials clarified that this agreement does not signify a complete reopening.