Oil Prices Fall on News of Possible Iran Deal
The New York Times • • general
Key Points:
- Investors and analysts appear cautious, awaiting confirmation of a deal and recognizing that normal shipping through the Strait of Hormuz may take months to resume.
- The Strait of Hormuz is a critical passage for global oil and natural gas trade, handling about one-fifth of the world's oil supply.
- S&P 500 futures indicated a modest increase of less than 1 percent ahead of the U.S. stock market reopening on Tuesday.
- Gas prices slightly decreased to an average of $4.51 per gallon, though prices have still risen by 51 percent since the onset of the war.