Brent Oil Drops Below $90 as the U.S. Closes in on a Peace Deal With Iran. What it Means for Oil Stocks.
Oil prices are declining amid hopes that the Strait of Hormuz will reopen soon.
Brent Oil Drops Below $90 as the U.S. Closes in on a Peace Deal With Iran. What it Means for Oil Stocks.
Overview
The price of Brent oil, the global benchmark, slumped nearly 4% on Friday, closing at $86.88 per barrel. At one point, Brent touched its lowest point since early March. It fell 7.7% for the week, which is the third weekly decline in the past four weeks.
Driving the decline were reports that the U.S. and Iran are closing in on a peace deal that could be signed in the next few days. The reported deal would, among other things, fully reopen the Strait of Hormuz to ship traffic. Here’s what it would mean for oil stocks.
Image source: Getty Images.
Details
Source
Originally published at www.fool.com.
Related Articles
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.
