Iran claims to have drafted an agreement with Oman on passage through the Strait of Hormuz, causing international crude oil prices to fall rapidly.

Iranian officials state that they are drafting an agreement with Oman regarding passage through the Strait of Hormuz. International crude oil prices are falling rapidly, with WTI crude oil gains narrowing to under 7%, after previously rising over 13%. As of the time of reporting, WTI crude oil is up 7%, trading at $107.558 per barrel; Brent crude oil is up 4.61%, trading at $105.824 per barrel. (Cailian Press)

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