Claims and sources that the US and Iran are close to a deal have been pouring in over recent days. US President Donald Trump has claimed that the countries have made progress in their negotiations, and Axios, among others, has reported, citing sources, that the Strait of Hormuz, which is important for oil trade, could be opened if a deal is reached.
According to CNBC, oil prices are now falling sharply. July futures for North Sea oil and WTI are down about 5 percent and are now at $98.1 and $91.4 per barrel, respectively. August futures for North Sea oil are also down and are at about $95.4 per barrel.
