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FILE PHOTO: Cargo ships in the Gulf, near the Strait of Hormuz, as seen from northern Ras al-Khaimah, near the border with Oman’s Musandam governance in United Arab Emirates, March 11, 2026. REUTERS/Stringer/File Photo LONDON - Oil prices slipped to a three-month low on Monday after U.S. President Donald Trump and Iran's deputy foreign minister said they had reached an initial deal to end the war and to resume traffic through the Strait of Hormuz.
LONDON - Oil prices slipped to a 3-month low on Monday after U.S. President Donald Trump and Iran's deputy foreign minister said they had reached an initial deal to end the war and to resume traffic through the Strait of Hormuz. Brent crude futures fell $4.47, or 5.1%, to $82.86 a barrel by 1234 GMT and U.S. West Texas Intermediate was at $79.98, down $4.90, or 5.8%. Both contracts fell to their lowest levels since March 10 on Monday after tumbling more than 3% on Friday.
A pump jack operates outside of Midland, Texas, U.S. June 11, 2025. REUTERS/Eli Hartman LONDON - Oil prices fell nearly 3% on Friday to their lowest in nearly two months after U.S. President Donald Trump cancelled new strikes on Iran, reducing fears of an escalation of hostilities following tit-for-tat attacks earlier in the week. Brent futures were down $2.27, or 2.5%, at $88.11 a barrel by 1322 GMT, while U.S. West Texas Intermediate (WTI) crude dropped $2.47, or 2.8%, to $85.24.
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