Oil Prices Drop as Iran Signals Strait of Hormuz Could Reopen in 7 Days
Updated
Updated · CNBC · Sep 25
Oil Prices Drop as Iran Signals Strait of Hormuz Could Reopen in 7 Days
3 articles · Updated · CNBC · Sep 25
Summary
Oil prices fell Friday after Iranian state media said Foreign Minister Abbas Araghchi would reopen the Strait of Hormuz within seven days if certain conditions are met.
The move eased immediate fears of a prolonged disruption in one of the world's most important energy shipping lanes, which had driven up concerns about fuel costs.
Energy prices remain politically sensitive in Washington after the Senate narrowly rejected a resolution to end the Iran war, with Republicans weighing the conflict's midterm risks.
U.S. business groups have also warned President Donald Trump against a diesel export ban, arguing it could push diesel prices even higher if energy markets stay strained.