Oil price drops to $98 as Hormuz reopening hopes rise

nrk.no (Swedish)

Oil prices plunged to $98 a barrel Tuesday morning, down from nearly $102, driven by hopes that the Strait of Hormuz may reopen within a week, according to analyst Thina Saltvedt. Citing Kyodo News, Saltvedt noted Iran signaled it would open the strait within seven days if the U.S. reduces military pressure and lifts port blockades. U.S. Secretary of State Marco Rubio confirmed openness to talks with Iran at the U.N. General Assembly. The strait has been effectively closed for nearly seven months, spiking prices. Saudi Arabia also tests its east-west pipeline, hoping to restore oil deliveries this week, further contributing to the price drop.


With a significance score of 4.3, this news ranks in the top 5% of today's 33432 analyzed articles.

Get summaries of news with significance over 5.5 (usually ~10 stories per week). Read by 10,000+ subscribers: