Oil Prices Fall After Trump Halts Iran Strikes
Oil prices fell on Friday after reports of a possible US-Iran peace deal. Brent crude dropped from about $93 a barrel.
Trump called off more military strikes against Iran planned for that evening. He said he was close to a peace deal with Iran.
A proposed deal would reopen the Strait of Hormuz. But Iranian state media said Iran would not give up control of the waterway. Trump and Vice President Vance said the deal does not favor Iran.
Klear Note — The Strait of Hormuz is a narrow waterway between Iran and Oman. About one-third of world's oil passes through it daily. When conflict threatens the region, oil prices rise due to supply fears.
Key Terms 2
- Brent crude A standard type of oil used to set global oil prices
- Strait of Hormuz A narrow sea passage where much of the world's oil is shipped through