Crude Oil Drops as US Inches Toward Iran Deal to Reopen Strait

AI Summary

Crude oil prices dropped at the start of the week as the US and Iran drew closer to a deal to reopen the Strait of Hormuz. However, the US administration indicated that the blockade would remain in place until an agreement is finalized.

Oil dropped at the week’s open as the US and Iran edged toward a deal, although President Donald Trump said that Washington’s blockade of the Strait of Hormuz would remain until an agreement was completed.