HOUSTON: Oil prices slumped around $4 a barrel to a three-month low on Monday amid a broad selloff after President Donald Trump said the United States and Iran have signed a memorandum of understanding aiming to end the Iran war and reopen the Strait of Hormuz.
Price Decline Details
Brent crude futures fell $4.11, or 4.71%, to $83.22 a barrel by 1730 GMT, while US West Texas Intermediate (WTI) crude was at $80.54, down $4.34, or 5.11%. Both contracts fell to their lowest levels since March 10 on Monday after tumbling more than 3% on Friday. WTI futures fell as much as $5 during the session.
Memorandum of Understanding
The MoU has been signed by Trump and Vice President JD Vance and Iranian parliament speaker Mohammad Bagher Qalibaf, one US official said. An official signing ceremony for the agreement is due to be held on Friday in Geneva. Iran's semi-official Mehr news agency said the draft deal called for reopening the Strait of Hormuz within 30 days under Iranian arrangements.
