Oil prices fall to $76.46 WTI amid U.S.-Iran peace hopes
Business
Oil prices just hit their lowest point since early March, dropping to $76.46 for WTI and $79.41 for Brent, thanks to hopes around a U.S.-Iran peace deal.
If the agreement goes through, it could reopen the Strait of Hormuz (a crucial route for global oil shipments) and ease some pressure on energy markets.
Deal would extend ceasefire 60 days
The proposed deal would extend a ceasefire by 60 days and let oil tankers move freely through the strait, while the US would lift its blockade on Iranian ports.
But officials say getting oil production back to normal could still take months.
Analysts expect oil prices to stay jumpy, moving around the $80 mark as everyone waits to see if this peace holds up.