Keyword → G7 summit 2026

US-Iran Hormuz MoU Seen Signable Sunday in Geneva — Bloomberg Reports G7-Aligned Deal Imminent; WTI Falls 3.2% to $84.92, Brent Drops to $83.28

Bloomberg reported Friday morning that the U.S. and Iran are nearing a memorandum of understanding to reopen the Strait of Hormuz, potentially signed in Geneva as early as Sunday — timed to the G7 summit in Évian starting June 15. A senior Iranian official indicated overnight that a deal is likely. WTI crude fell 3.18% to $84.92 and Brent dropped 2.64% to $83.28, touching their lowest levels in nearly two months. European stocks jumped to three-month highs and Dow futures edged higher ahead of the open.