- Brent crude fell 10% to $98 and WTI dropped over 12% to $89 after reports emerged that the U.S. and Iran are discussing a one-page memorandum to pause the Hormuz conflict.
- President Trump halted Project Freedom — a naval effort to escort vessels through the Strait of Hormuz — citing "great progress" toward a "complete and final agreement" with Iran.
- Iran's Foreign Minister Abbas Araghchi insisted Tehran would only accept "a fair and comprehensive agreement," leaving the outcome of negotiations uncertain.
Oil Prices Fall Below $100 as Trump Says Iran War May Be Coming to an End
Advertisement
Join the Conversation
VIP members get the ability to comment on articles.