Oil prices fall on potential US-Iran ceasefire deal
Oil prices fell 2% Friday as Brent headed for its steepest weekly loss since April. Markets are reacting to reports of a potential U.S. and Iran ceasefire.
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Brent Crude Oil fell nearly 2% on May 29 as the United States and Iran reportedly neared a ceasefire extension. The benchmark is tracking an 11% weekly decline, its steepest since early April. For investors, the potential reopening of the Strait of Hormuz signals a major shift in global supply risk premiums.
