Brent crude falls below $98 as Iran offers to reopen Strait of Hormuz

svd.se (Swedish)

The price of Brent North Sea crude oil has fallen sharply, dropping below $98 per barrel in initial trading, according to reports. The decline follows a Kyodo news agency report that Iran offered to reopen the Strait of Hormuz to traffic if the US lifts its blockade on Iranian ports. This comes ahead of President Donald Trump's UN speech, with potential for a direct meeting with Iranian President Masoud Pezeshkian. Saudi Arabia has shipped 2.9 million barrels daily through the strait over the past six days, with port capacity at 14 million barrels, the highest since June. Oil prices had risen over 60 percent since the US-Israel bombing campaign against Iran began on February 28.


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