Oil prices plummeted nearly 7% on Monday to $96.30 a barrel, a significant drop from the four-year high reached just three weeks ago, as a potential peace deal between the US and Iran appears to be taking shape.
The draft proposal, currently under review, stipulates that Iran would immediately reopen the Strait of Hormuz and ensure traffic returns to pre-war conditions within 30 days, according to regional officials familiar with the diplomacy.
Iran US Deal
Iranian foreign minister Abbas Araghchi and parliamentary speaker Mohammed Bagher Ghalibaf are in Doha, Qatar, for peace talks, as Iran’s semi-official Fars News Agency acknowledged that a deal may be imminent, but with Iranian management of the Strait of Hormuz.
Iran is also reopening international internet access, after a nearly three-month blackout, with President Masoud Pezeshkian issuing the order to restore connections on Monday, citing the country’s Communications Ministry.
The move comes as Iran’s secretary of the Supreme National Security Council issued a statement calling for national unity, as Tehran and the US continue negotiating a potential peace deal, with President Trump saying a deal is “largely negotiated” and Tehran acknowledging progress.
Implications and Reactions
The potential deal has sparked reactions from various parties, with FIFA promising to grant visas to Iran’s men’s football team to play in the World Cup in the US this summer, despite the ongoing Middle East war.
However, the situation remains complex, with Iran executing a man on charges related to protests earlier this year, the latest in a spree of hangings on political or security accusations since the start of the US-Israeli war, with dozens more still risking execution, according to rights groups.
The developments come as the US and Iran continue to navigate a delicate diplomatic landscape, with the potential deal holding significant implications for regional stability and global oil markets, and its success or failure will have far-reaching consequences for the Middle East and beyond.
