Shares of energy companies fell alongside oil futures after reports that Iran and the U.S. were close to reopening the Strait of Hormuz.
Under a proposal being discussed, Gulf-bound ships would enter through Iranian waters, while vessels leaving the Gulf would pass through Omani waters without paying fees, according to regional mediators. The U.S. could agree to a reopening deal in the coming days, according to Treasury Sec. Scott Bessent.
A new strike hit a ship moving through the Strait of Hormuz, and negotiations to reopen the waterway ran into a dispute over fees, clouding the outlook for the vital energy corridor even as the Trump administration insisted that a deal could be close.
BP shares slid after the British oil major reportedly put its biogas unit up for sale as part of its plan to hone its focus on core oil-and-natural gas operations.
Write to Rob Curran at rob.curran@dowjones.com
