Oil Sinks to $94 as Iran’s $8 Billion Hormuz Deal Heads to Trump

00 per barrel on Monday as Qatar’s prime minister headed to the White House with an Iranian proposal for an interim deal to reopen the Strait of Hormuz. S. m. ET. The decline extends last week’s 16% slide in Brent, the benchmark’s steepest weekly fall since the start of the Covid-19 pandemic. Iran has signed off on the Qatari-brokered terms, according to two diplomatic sources who spoke to Israeli media.

Tehran would reopen Hormuz and halt attacks on Gulf tankers. Washington would lift its naval and economic blockade of Iran and release $8 billion in Iranian funds frozen in Qatar. Under the terms, Iran drops its demand to control the strait and charge transit fees but still refuses to put its nuclear program on the table.