Oil crashes back to $92 as U.S.-Iran diplomacy wipes out nearly 8% in a week
Oil took another beating Friday as talks between Iran and the United States returned to the markets radar. West Texas Intermediate crude sank 2.3% to $92.41 a barrel, pushing its weekly loss to 7.9%. Brent crude also fell 2.1% to $104.32, though the global benchmark finished the full week roughly flat. Iran has put a new offer on the table. Tehran said it could reopen the Strait of Hormuz within seven days if Washington carries out the terms of an interim peace agreement reached in June. The waterway has been at the heart of the conflict because it is a major route for global energy shipments. The June deal did not survive for long. Fighting returned after both sides clashed over transit rights through Hormuz, and Iran has not detailed how its latest proposal would stop the same dispute from starting another round of hostilities. Iran offers to reopen Hormuz as Washington considers Tehrans latest deal Iranian Foreign Minister Abbas Araghchi told reporters at the U.N. on Thursday that Tehran would resume negotiations toward a permanent agreement once Washington meets the conditions contained in the earlier memorandum of understanding. Discover more Bitcoin price tracker Brokerages & Day Trading Crypto exchange comparison Iran is now waiting for an American response. Araghchi









