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Brent Crude Falls to $98/Barrel on Friday as Trump Announces Iran Deal Terms

GateNews
Commodities

Brent crude futures fell to around $98 per barrel on Friday, May 9, as U.S. President Trump announced optimism over a potential agreement to end the Iran conflict. Trump stated that Tehran has accepted terms including abandoning nuclear weapons plans, providing “free oil,” and reopening the Strait of Hormuz, though Iranian authorities have not confirmed these claims. Israeli Prime Minister Benjamin Netanyahu confirmed a separate 10-day ceasefire agreement between Israel and Lebanon. Meanwhile, the Strait of Hormuz remains effectively closed due to dual U.S. and Iranian blockades, raising concerns over further disruptions to global energy flows. The International Monetary Fund warned that restoring most disrupted oil and gas production could take up to two years.

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