Commodities
US-Iran Deal Uncertainty Drives Oil Prices to Near $77.80
Oil prices have extended their recovery move to near $77.80 on NYMEX as uncertainty surrounds the proposed US-Iran deal regarding the opening of the Strait of Hormuz.
The agreement, which would see Iran's nuclear threat ended and the chokepoint opened, has been met with skepticism, with Tehran announcing it is close to finalizing a proposal with Oman for joint management of the passage.
This development has led to fears of a prolonged energy supply disruption, boosting oil prices. The US-Iran deal was suspended after President Donald Trump announced that Iran had agreed to open the Strait and end its nuclear threat.