Tag
4 stories tagged with “Oil prices”
Iran says it is finalizing a temporary Strait of Hormuz shipping agreement with Oman even as its parliament reviews a plan to permanently bar US and Israeli vessels and charge others fees of up to 7% of cargo value.
Brent crude fell nearly 9% Monday after Washington and Tehran both stepped back from two weeks of strikes near the Strait of Hormuz. The relief is already being tested by drone attacks on three of Iran's neighbors, and Seattle-area Alaska Air Group is among the airlines betting the pause holds.
Iran says it will hold fire as long as the U.S. does, but a new Houthi blockade of Saudi oil in the Red Sea is pushing crude prices past $100 a barrel.
World shares display mixed reactions and oil prices dip following renewed US-Iran tensions in the Strait of Hormuz, threatening a fragile ceasefire and global trade routes.