Brent crude falls to $79 on hopes of US-Iran-Oman deal to reopen Hormuz Strait

Brent crude futures declined to approximately $79 a barrel, driven by reports that the United States, Iran, and Oman are nearing a temporary deal to reopen the Strait of Hormuz, as noted by Rabobank’s Global Daily. The strait is a vital chokepoint for global oil shipments, and any easing of tensions could reduce supply risks.

The potential agreement comes against a backdrop of efforts to stabilize regional trade routes. While details remain unconfirmed, market participants reacted by pushing prices lower on the prospect of unfettered crude flows.