FX.co ★ Crude Oil Falls 5%

Oil prices fell by more than 5% at the beginning of the week, with U.S. crude slipping to $91 a barrel and Brent dropping to $98. This followed a 5% decline in both benchmarks the previous week, as the United States and Iran appeared to move closer to an agreement. According to MS Now, the proposed deal would reopen the Strait of Hormuz, end ongoing hostilities, unfreeze certain Iranian assets, and create a framework for further talks aimed at curbing Tehran’s nuclear program. However, President Trump stated that Washington would maintain its blockade of the Strait of Hormuz until a deal is finalized and emphasized that he would not “rush” into an agreement.