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ReportedShipping, energy & marketsGlobal oil markets

Oil falls to its lowest since the war's first week on hopes of a U.S.-Iran deal

Mountain Time
Local time
4:38 PM in Hong Kong
Where
Global oil markets

Brent, near $93 before Trump called off the strikes, briefly fell below $85 a barrel on Friday and ended about 3% lower at around $87.50, its lowest since the first week of the war, while U.S. stocks extended their rally.

Why it matters

Analysts said headlines rather than ship movements were driving prices, since Hormuz had not reopened.

Sources (7)

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

Correction

  • Corrected the headline (it read "Oil sinks as deal hopes hit the tape"); revised the summary; revised the context note; corrected the location from Hong Kong / global oil markets to Global oil markets; reclassified it from market to energy-markets; updated the sourcing note; merged 2 duplicate entries into this one ("Oil relief trade waits on signatures", "Oil relief trade extends into U.S. morning"); added 2 sources: The Guardian live blog; removed Trading Economics WTI crude as a source (a live price page, not a dated report); removed Trading Economics Brent crude as a source (a live price page, not a dated report); removed UKMTO Recent Incidents as a source (a rolling index page that now shows other content); removed MSCIO Alerts as a source (a rolling index page that now shows other content). Why and evidence