Oil drops below $90 as Trump revives hopes for US-Iran deal
What's new: Brent settled near $90 and US crude fell to about $86 as Tehran signaled it had not yet approved any draft text.
Oil prices fell sharply Friday after President Donald Trump said the United States had reached a framework with Iran and could sign a deal within days, raising hopes that the conflict disrupting Gulf energy shipments may ease. Brent crude settled near $90 a barrel after dropping about 2.9%, while US crude futures fell to roughly $86. Trump also said he had called off planned US strikes and that the Strait of Hormuz would reopen once an agreement is finalized. Iranian outlet Fars, citing a source familiar with the talks, pushed back and reported Tehran had not approved any draft text. Even so, more tankers have resumed moving through the strait, easing fears of a prolonged supply shock.