Oil Prices Plummet as US-Iran Deal Report Reduces Market Tensions

Crude oil prices fell on Friday, September 25, after reports of a phased US-Iran deal to reopen the Strait of Hormuz reduced market tensions.

Brent crude, the international benchmark, traded at $105.35 to $105.52 per barrel, down $1.08 to $1.25, or 1.0% to 1.2%, while US West Texas Intermediate for November delivery fell to $94.09, down $0.52 or 0.55%.

The decline follows a violent Thursday when Brent closed at $106.60 after nearing $108 intraday, a gain of more than 3%, on a Houthi missile attack on Saudi Arabia that revived fears of broader supply disruption.