Brent Near $98 as Trump Predicts Quick US-Iran Ceasefire Outlook
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Brent crude dropped toward $98 a barrel while WTI hovered near $94 after President Trump predicted a permanent US-Iran ceasefire could be reached within weeks, claiming Tehran agreed to open the Strait of Hormuz. A 10-day Israel-Lebanon truce plus eased blockade tempered a 4.7% rally caused by halted Hormuz traffic.
1. Oil Prices Retract on Ceasefire Hopes
Brent crude fell toward $98 and WTI near $94 after President Trump said he expects a permanent US-Iran ceasefire within weeks, claiming Tehran agreed to open the Strait of Hormuz. The move followed a 4.7% rally earlier in the week driven by halted traffic through Hormuz and tightened naval controls, while a new 10-day Israel-Lebanon pause eased regional tensions.
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