Brent Crude Falls Over 3% on Unverified Report Iran Has Softened Its Stance on Hormuz

Deep News11-09

Oil prices declined following an unverified report that Iran has made concessions regarding its demands over the Strait of Hormuz, as diplomatic efforts aimed at ending the Middle East war continue to advance.

Global benchmark Brent crude fell by more than 3% at one point, trading around $95 per barrel, extending its largest weekly drop since April 2020.

Oil prices had already been lower earlier after U.S. President Trump said over the weekend that he was "highly unlikely" to order a large-scale strike on Iran, but noted that this would depend on whether Iran signs a "very strong deal."

An unverified report from Israel stated that Iran has apparently abandoned its demands to control the Strait of Hormuz and to charge tolls on vessels passing through the waterway, sending oil prices to fresh intraday lows. The accuracy of the report could not be immediately verified.

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