Oil price drops below $95 as Iran state media releases detail of draft peace deal with US - business live
Oil prices have fallen significantly following reports of Iran's commitment to restore commercial shipping through the strait of Hormuz. Brent crude dropped to below $95 a barrel before slightly recovering. The US dollar also experienced a minor decline against other major currencies.
- ▪Oil prices dropped about 4% after Iranian state TV reported Iran's commitment to restore shipping levels.
- ▪Brent crude fell to below $95 a barrel before recovering slightly to $95.24.
- ▪The US dollar slipped 0.2% against a basket of other major currencies.
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08.37 EDTOil drops 4% amid reports Iran will restore ships through strait of Hormuz to pre-war levelsOil prices have dropped about 4% after Iranian state TV said Iran was committed to restoring the number of commercial transit ships through the strait of Hormuz to pre-war levels within one month.Brent crude – the international benchmark for oil – dropped 4% to below $95 a barrel, before recovering slightly to $95.24 a barrel.The US dollar has slipped 0.2% against a basket of other major currencies.ShareUpdated at 09.00 EDT
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