WTI Falls 4% as US and Iran Reach Strait of Hormuz Opening Consensus

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WTI crude oil fell 4% intraday to $93.14 per barrel after the US and Iran reached a consensus on gradually opening the Strait of Hormuz. Brent crude oil fell 3.48% intraday and dropped below $97 per barrel. The reported understanding tied the phased opening to easing the maritime blockade.

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