Oil Prices Slide as Iran Floats Strait of Hormuz Reopening Deal With US

Iranian state television outlined a draft US-Iran framework on Wednesday. It would lift the US naval blockade and reopen the Strait of Hormuz to pre-war commercial traffic within a month.

WTI crude slid 2.7% within 30 minutes of the broadcast hitting social channels. The move dragged US oil futures below $89 per barrel and shook risk assets exposed to Middle East volatility.