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.
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.
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Originally published at www.fool.com.
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