Reports of US-Iran ceasefire deal, sinks Oil – RIA Novosti
The Russian agency RIA Novosti reported that Washington and Tehran agreed to a ceasefire, citing sources in Iran and Pakistan.
The agreement includes free navigation in the Strait of Hormuz, and it is expected to be announced in the coming days. Besides the reopening of Hormuz, the deal includes renewed negotiations under the Islamabad Memorandum of Understanding (MoU)
Market’s reaction
Oil prices extended its losses, with both the international crude benchmark, Brent, diving close to 5.50%, while West Texas Intermediate (WTI), the US crude Oil benchmark, diving more than 5%.
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