world-economy

Crude Tumbles 4% as Trump Signals Iran Deal Complete

Crude oil futures plummeted 4% Sunday night after President Trump announced a deal to end hostilities with Iran was finalized. The Strait of Hormuz is set to reopen Friday for mine removal operations. Brent crude fell below $84 per barrel, marking the lowest level since the conflict began. Oil had already declined 12% from mid-week levels as markets anticipated a resolution. The waterway, through which roughly 20% of global oil and liquefied natural gas flowed before the war, faced complete closure during hostilities. Prices touched $126 per barrel at the conflict's peak but remain elevated versus pre-war levels near $60. Market recovery follows the greatest oil supply shock in history caused by the strait's disruption.