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Oil Prices Plummet as US-Iran Talks Revive Hope for Strait Reopening

Guavy AI Editorial Team
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Oil prices plummeted on news that the US and Iran may reach a deal to reopen the Strait of Hormuz, which remains largely closed despite hopes for a diplomatic agreement.

US President Donald Trump announced another round of talks with Tehran would begin on Monday, with any potential agreement covering the strait before addressing Iran's nuclear program.

Brent crude rose 5.09 percent to $83.51 a barrel, while West Texas Intermediate dropped 5.67 percent to $79.87 a barrel.

Fridays are for fighting, but Mondays are for markets in Trump's world, said senior financial market analyst Kyle Rodda, noting the sharp drop in oil prices.

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