Brent crude oil fell more than 5% to approximately $82.84 per barrel, hitting a three-month low, after the US and Iran signed a preliminary memorandum of understanding aimed at de-escalating a conflict that has rattled energy markets since late February.
What the deal actually says
The MOU, signed electronically by President Donald Trump and Iranian officials including parliament speaker Mohammad Bagher Qalibaf, lays out conditions for reopening the Strait of Hormuz. That waterway handles roughly 20% of global oil trade.
The agreement kicks off a 60-day window for follow-up negotiations covering nuclear weapon capabilities, sanctions relief, and verification measures.
Earlier rounds of talks took place in Oman and Geneva back in February, focused primarily on sanctions waivers for Iranian oil exports.
