Oil prices sink on announcement of Iran deal

(Ben German – Axios) Crude oil prices fell over 4% to their lowest levels in over three months Sunday after the U.S. and Iran agreed to a ceasefire extension that could lead to the reopening of the Strait of Hormuz. Severe restrictions on oil traffic through the strait since the conflict began in late February have created an unprecedented energy shock that’s a drag on the global economy. The oil price spike caused U.S. gasoline prices to soar to their highest levels since 2022, adding to GOP political peril ahead of the midterm elections. The global benchmark Brent crude is down 3.6% to $84.21 per barrel. It initially fell even more steeply before reversing some of the decline. –  Oil prices fall on US, Iran deal announcement