US and Iran Negotiate Deal to Reopen Hormuz as Saudi Oil Exports Surge
The US and Iran are reportedly exploring a deal to reopen the Strait of Hormuz, a vital waterway for global oil trade. The news comes as Saudi Arabia's oil exports have hit a wartime high.
The Strait of Hormuz has been closed due to tensions between the two countries in recent months, affecting oil shipments from major producers such as Iran and Saudi Arabia. However, according to Bloomberg, US officials are now engaged in talks with Iranian counterparts to find a solution to reopen the strait.
Saudi Arabia's oil exports have reached 7.2 million barrels per day (mb/d), a level not seen since 2019. This is despite the ongoing conflict between Saudi-led coalition forces and Houthi rebels in Yemen, which has disrupted oil production and trade in the region.