Brent crude falls to $93.36 after US‑Iran ceasefire
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- Brent crude fell to $93.36, down from $98, after Axios reported a US‑Iran ceasefire extension.
- U.S. and Iran agreed to a 60‑day ceasefire extension and began nuclear talks, pending President Trump’s final approval.
- Financial Times reported Washington is nearing a deal to extend the Iran ceasefire, and Reuters noted oil markets steadied as they awaited the agreement.
- U.S. Central Command shot down four Iranian drones and targeted missile sites and mine‑laying boats near the Strait of Hormuz.
- Iran condemned the U.S. strikes as a grave violation of the ceasefire and warned it would not leave any act of hostility unanswered.
Why it matters: Consumers and shipping firms gain from the $4‑$5 drop in Brent crude, while oil producers see revenue cut; the ceasefire extension also eases the Strait of Hormuz bottleneck, lowering global energy costs.
