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ReportedShipping, energy & marketsNew York, United States

Oil falls to a three-month low and the Dow closes at a record on the Iran deal

Mountain Time
Local time
4:00 PM in New York
Where
New York, United States

Brent crude fell about 4% to around $83 a barrel on Monday, touching just over $82, its lowest since March 10, as markets bet the Strait of Hormuz would reopen; European wholesale gas fell 6% and the Dow closed at a record high.

Why it matters

Brent had traded near $93 four days earlier; analysts told The Guardian that oil and gas supplies were still unlikely to return to pre-war levels for months even if the strait reopened.

Sources (3)

Confidence: Published by a named news organization. Not yet independently confirmed. About confidence labels

Correction

  • Corrected the headline (it read "Oil sheds four dollars and the Dow hits a record on the deal"); revised the summary; revised the context note; reclassified it from market to energy-markets; updated the sourcing note; added 2 sources: The Guardian, Al Jazeera live blog. Why and evidence