A major drop in oil prices might be in the offing should the United States and Iran reach an agreement that would reopen the Strait of Hormuz.
As of Sunday, Brent hovered around $103 to $105 amid positive signals that the warring parties were ready to end the month-long war.
Speculations were rife that the reopening of the strait would crash oil prices as well as petrol prices.
The New York Times reports that the US and Iran have agreed in principle to a deal that would wind down the war in the Middle East by reopening the Strait of Hormuz and committing Iran to disposing of its highly enriched uranium.
Quoting a senior US official on Sunday, the NYT reports that Iran’s leaders or official state media have not publicly commented on what is in any potential agreement or what is being discussed.
