Oil fell as the US and Iran tentatively agreed to extend a ceasefire by 60 days, with Brent set for the biggest monthly drop since 2020 on optimism that flows through the Strait of Hormuz may resume.
Brent dropped toward $92 a barrel, down 19% this month, while West Texas Intermediate was near $87. President Donald Trump has yet to agree to the terms of the agreement, according to a person familiar with the matter, after Axios reported that shipping through the strait would be “unrestricted.”