Oil Prices Plunge as U.S. and Iran Reach Deal to Reopen Strait of Hormuz

Oil prices plunged in early Monday trading in Asia after the U. S. and Iran announced a deal to reopen the Strait of Hormuz more than 100 days after its closure. At the time of writing, Brent crude had dropped 3. 95% to trade at $83. 88 per barrel, while WTI had fallen 4. 62% to $80. 96 per barrel.

Oil prices plunged in early Monday trading in Asia after the U. S. and Iran announced a deal to reopen the Strait of Hormuz more than 100 days after its closure. At the time of writing, Brent crude had dropped 3. 95% to trade at $83. 88 per barrel, while WTI had fallen 4. 62% to $80. 96 per barrel.