Oil prices fell on Thursday, dropping over 4% to push the Brent crude benchmark below $100 a barrel amid renewed hopes for a U.S.-Iran peace deal that could lead to a gradual reopening of the Strait of Hormuz.
Brent crude futures declined by $4.31, or 4.3%, reaching $96.96 per barrel. Meanwhile, U.S. West Texas Intermediate dropped $4.44, or 4.7%, settling at $90.64.
The fall comes amid unconfirmed reports from Al Arabiya news channel of an “understanding” being reached to ease the U.S. blockade in exchange for a gradual reopening of the Strait of Hormuz.
Iran has announced it is reviewing a U.S. peace proposal that, according to sources, would officially end the conflict but still leaves the main U.S. demands unresolved: Iran suspending its nuclear program and reopening the Strait of Hormuz.
U.S. Treasury Secretary Scott Bessent has urged China to intensify its diplomatic efforts to persuade Iran to open the Strait.
President Donald Trump and Xi Jinping will discuss the subject when they meet next week.
By CEO NA Editorial Staff
