Oil Falls on Iran Deal Hopes, but Hormuz Reopening and Sanctions Disputes Remain Unresolved

Oil prices fell after President Donald Trump said the United States and Iran have “largely negotiated” a framework that could reopen the Strait of Hormuz and begin ending the U.S.-Israel war against Iran, but major disputes remain over sanctions, frozen funds, future U.S. attacks, regional hostilities and Iran’s nuclear program. The prospect of an agreement has eased some pressure in global energy markets, though the relief remains uncertain. The war, which began when the United States and Israel launched strikes against Iran on February 28, led to Iran’s response and the severe disruption of one of the world’s most important energy routes. The closure or restriction of the Strait of Hormuz drove up oil prices and created wider pressure on fuel, shipping, food and utility costs around the world. Oil markets have eased from earlier war-driven highs, but the latest pricing suggests caution rather than a full reversal. Brent crude was trading around $88.17 on May 22, up 0.41% on the day...