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Updated · NPR · Jun 15Crude Oil Futures Drop as Trump Says Strait of Hormuz Will Reopen Friday
3 articles · Updated · NPR · Jun 15Summary
- Crude oil futures fell after Trump said an Iran deal would be signed Friday and the Strait of Hormuz would reopen.
- Thursday and Friday losses had already been steep, with traders pricing in an imminent agreement before Trump's online announcement.
- The market reaction points to easing fears over supply disruption through Hormuz, a critical oil shipping chokepoint.
Insights
With the Strait of Hormuz open, what unseen hurdles could delay the full recovery of global oil supplies? As the UAE quits OPEC, is the cartel's decades-long control over global energy markets finally starting to crumble?