Oil prices fall as Iran signals diplomatic push to open Strait of Hormuz
Briefing by News4U · First published
Brent crude fell toward $114 a barrel and WTI near $102 after Iran's foreign minister said Tehran is working with mediators to implement its seven-day plan to reopen the Strait of Hormuz.
Oil prices declined as traders assessed new diplomatic efforts by Iran to avoid possible U.S. military action. Brent crude fell toward $114 a barrel and WTI traded near $102 after rising more than 1% the previous session. [1] [2]
Iranian Foreign Minister Araghchi said on social media that Tehran has not abandoned diplomacy and is discussing with mediators how to implement its seven-day plan to open the Strait of Hormuz in less than a week. [2]
Sources
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