Brent crude drops and gas prices slide amid hopes Donald Trump will succeed in reaching deal with Tehran
Oil and gas prices tumbled by almost 10% on Friday after Iran said the strait of Hormuz would open to commercial shipping, potentially clearing the way for tankers holding millions of barrels of oil and gas to reach the global market.
Iran’s foreign minister said vessels would be free to transit the strait of Hormuz for the duration of the 10-day ceasefire between Israel and Lebanon struck on Thursday.
Brent crude, the international benchmark, fell 9% to $90 a barrel.
Donald Trump later said the US naval blockade on Iran’s use of the strait would remain in full force until Washington had struck a deal with Tehran. He said the process “should go very quickly” because “most of the points are already negotiated”.
