Oil prices slide after Pakistan announces deal between US and Iran
Oil prices dropped significantly after Pakistan announced a US-Iran deal to reopen the Strait of Hormuz. The agreement follows months of market volatility caused by the conflict in the region.
Why it matters
The reopening of this critical shipping lane is expected to stabilize global energy markets and lower fuel costs.
Share Save Add as preferred on Google Peter Hoskins Business reporter EPA/Shutterstock Oil prices fell in early trade in Asia after Pakistan, which has been mediating an end to the US-Iran war, announced a deal that President Donald Trump said would see the reopening of the key Strait of Hormuz shipping route.
Reports factual developments regarding market prices and diplomatic announcements without loaded language.
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