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Oil slips to $106 as US, Iran weigh phased deal to reopen Strait of Hormuz
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- Sep 25, 2026, 4:12 PM UTC
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Strait between the Persian Gulf and Gulf of Oman
The Strait of Hormuz is a waterway between the Persian Gulf and the Gulf of Oman. On the north coast lies Iran, and on the south coast lies the Musandam Peninsula under the Musandam Governorate of Oman, with a portion of the southwest of the peninsula under the United Arab Emirates (UAE). The strait is about 104 miles long, with a width varying from about 60 mi to 24 mi.
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Oil prices fell Friday as reports that US and Iranian negotiators are exploring a phased deal to reopen the Strait of Hormuz eased some supply concerns.Brent crude was trading at $106.03 a barrel, down 0.53%, as of late Friday morning.It had opened at $107.06 and traded in a range of $104.40 to $10…
Stoxx Europe 600 up 0.6% midday, set for first weekly gain in four; Brent falls to ~$105 as US-Iran talks ease, UBS shares jump on merger talk.
Oil prices declined on major global exchanges. On London’s ICE (Intercontinental Exchange Futures), the price of Brent crude fell by...