Iran-U.S. deal draft would reopen Hormuz Strait, lift oil sanctions — Iran state media
Iran's state news agency IRNA said a draft agreement under negotiation between Tehran and Washington would guarantee safe commercial passage through the Strait of Hormuz and lay out a phased lifting of U.S. sanctions on Iranian oil exports. Brent crude fell 3.1% in the session, dropping to $76.50 a barrel.
Citing a source it did not name, IRNA said the framework agreement would secure commercial vessel passage through the Strait of Hormuz and require Washington to phase out sanctions on Iranian oil exports over six months. The talks have been brokered by Oman, with a third round of meetings concluded in Muscat.
State Department spokesperson Matthew Miller told reporters "the diplomatic channel is open but no final understanding has been reached." Iranian Foreign Ministry spokesperson Esmail Baghaei said in a briefing that "binding commitments would only take effect after Supreme National Security Council approval."
In markets, Brent dropped 3.1% to $76.50 a barrel and WTI fell 3.4% to $72.90. Goldman Sachs analyst Daan Struyven wrote that the risk premium had retreated $4 to $5, while JPMorgan estimated sanctions relief could bring an additional 1.2 million barrels a day of supply if implemented. Not investment advice.
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