Commodities
Home›Commodities›Energy›Brent slips near $79 as Hormuz reopening hopes grow
Brent slips near $79 as Hormuz reopening hopes grow
Rabobank said any reported 60-day Strait of Hormuz arrangement would mirror a prior deal that later collapsed after renewed ship attacks.
Brent futures fell to around $79 a barrel as reports circulated that the US, Iran, and Oman are nearing a temporary arrangement to reopen the Strait of Hormuz, FXStreet reported via Rabobank’s Global Daily notes.
The bank highlighted that the proposed 60-day structure resembles a previous agreement that broke down following renewed attacks on shipping, leaving a longer and riskier path ahead even if the latest talks proceed.
Rabobank also pointed to details cited in Axios coverage, including an inbound shipping route through Iranian waters and outbound shipping via the Oman side, with mines expected to be cleared from the middle of the strait, and no tolls or fees for the 60-day period.
FXStreet noted Rabobank’s view that negotiations appear aimed at preventing new escalation, but the temporary deal does not resolve core sticking points, meaning the risk of renewed disruption remains.
Latest closeBrent $78.86 ▼5.9%