Keyword → oil price decline

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.

US-Iran Peace Talks Reach 'Broad Principles' Agreement in Doha — Two-Phase Deal Targets Hormuz Reopening First, Nuclear Negotiations Within 60 Days

US and Iranian negotiators have agreed to broad principles of a peace framework, according to a senior official, with talks in Doha described as 'generally positive' by Iranian state media as both sides move toward a two-phase deal. Phase one would reopen the Strait of Hormuz and halt hostilities; phase two would address Iran's nuclear program over a 30-to-60-day window. Brent crude fell to $94.13 Wednesday as deal optimism built, while S&P 500 futures pointed to further record-territory gains.