Oil futures have seen their biggest weekly drop in nearly two months as news swirled of a potential US-Iran deal that could see the Strait of Hormuz reopened and a ceasefire extended between Washington and Tehran.
Brent oil crude futures fell to $92.69 a barrel, a weekly drop of more than 10 percent.
“The market’s already taking the view that a deal’s going to be done and the Strait is going to be open,” Jason Wong, senior market strategist at BNZ in Wellington, New Zealand, told the Reuters news agency.
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