Oil Prices Plunge as Gold Rises on Reports of U.S.-Iran Agreement to Gradually Reopen Strait of Hormuz in Exchange for Eased Sanctions
Deep News05-07
Market data indicates that, according to reports from Saudi media outlets Alhadath and Al Arabiya, sources have stated that the United States and Iran have reached a consensus. The agreement involves a gradual reopening of the Strait of Hormuz in exchange for an easing of sanctions. A breakthrough regarding vessels currently stranded in the strait is expected within the coming hours.
Following this news, international oil prices experienced a sharp decline. WTI crude oil futures fell by 2.5%, while Brent crude futures dropped by 2.7%. Conversely, spot gold prices rose, increasing by 1.2% to $4,750.26 per ounce.
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