Oil Sinks to $94 as Iran’s $8 Billion Hormuz Deal Heads to Trump

AI Summary

Brent crude fell 3.6% to $94 per barrel and WTI declined 3% as markets reacted to a proposed Iran deal to reopen the Strait of Hormuz. The Qatari-brokered proposal, reportedly approved by Tehran, was headed to the White House for discussion with President Trump.

Brent crude fell 3.6% to $94.00 per barrel on Monday as Qatar’s prime minister headed to the White House with an Iranian proposal for an interim deal to reopen the Strait of Hormuz. WTI dropped 3% to $88.09, and U.S. natural gas rose 0.8% to $3.02/MMBtu as of 7:26 a.m. ET. The decline extends last week’s 16% slide in Brent, the benchmark’s steepest weekly fall since the start of the Covid-19 pandemic. Iran has signed off on the Qatari-brokered terms, according to two diplomatic sources who spoke to Israeli media. Tehran would…