While diplomatic mediation for peace in the Middle East continues, an unverified report claims that Iran has made compromises on claims related to the Strait of Hormuz, and oil prices are falling in response. Brent crude oil, the global benchmark, plummeted by more than 3% and traded around $95 per barrel, continuing its biggest weekly decline since April 2020. Earlier, US President Trump stated over the weekend that it was “extremely unlikely” to launch a large-scale attack on Iran, but in an interview, he said that only if Iran signs a “very binding agreement,” oil prices first fell slightly as a result. Afterwards, an unconfirmed report in Israel's “Israel Today” came out, saying that Iran seemed to have abandoned the requirement to control the Strait of Hormuz and levy tolls on transit ships, and oil prices fell further to a new low within the day.

Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.