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Oil slides on ceasefire report for Strait of Hormuz navigation

Brent fell close to 5.5% and WTI dropped more than 5% after the reported US-Iran ceasefire deal included reopened navigation in the Strait of Hormuz.

Reported · Written up by our desk · Energy

FXStreet cited a report from the Russian agency RIA Novosti that Washington and Tehran agreed to a ceasefire, with the expected announcement in the coming days.

The reported terms include free navigation in the Strait of Hormuz, alongside renewed negotiations under the Islamabad memorandum of understanding, according to RIA Novosti.

Following the ceasefire report, oil prices extended losses, with the international benchmark Brent dropping close to 5.5% and WTI, the US crude benchmark, falling more than 5%.

Latest closeWTI crude $82.40 ▲1.4%|Brent $88.59 ▲1.8%

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