LONDON, May 27 : Oil extended losses on Wednesday, falling over 5 per cent after Iranian state TV said it had seen a draft of an initial, unofficial framework for an agreement with the United States on ending their conflict and reopening the Strait of Hormuz.The report, plus a pick-up in tanker traffic throu

The strait – which links the region to world markets – has been subject to a double blockade, with curbs imposed by both Iran and the US.

Concurrently with rising speculation over Iran and the United States reaching an agreement to de-escalate tensions and reopen the Strait ...

Oil prices plunged Wednesday on rekindled hopes for progress in US-Iran talks aimed at ending the war in the Middle East.

Oil drops as US-Iran draft deal signals possible reopening of Strait of Hormuz

Commercial shipping would be restored to pre-war levels in key waterway under proposed deal