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Crude Oil Prices Soften Amid US-Iran Phased Agreement Talks.
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CNBC Awaaz•25-09-2026, 16:17
Crude Oil Prices Soften Amid US-Iran Phased Agreement Talks.
- •Crude oil prices fell following news of phased agreement talks between the US and Iran to end their standoff.
- •Discussions in New York included options to reopen the Strait of Hormuz and lift US sanctions.
- •November delivery Brent crude dropped by about 2% to $104.51 per barrel, and WTI crude fell over 2% to $92.14 per barrel.
- •A senior Iranian official suggested Tehran might allow passage through the Strait of Hormuz in exchange for US sanctions relief.
- •The US and Iran had previously agreed on a similar path under a Memorandum of Understanding on June 17, which later broke down.
Key Questions Answered
Crude oil prices dropped after reports of phased agreement discussions between the US and Iran aimed at ending their ongoing standoff, which included reopening the Strait of Hormuz and lifting US sanctions.
On Friday, November delivery Brent crude fell by about 2% to its day's low of $104.51 per barrel, while November delivery WTI crude dropped over 2% to a day's low of $92.14 per barrel.
According to an Al Jazeera report, Iranian President Masovid Pezeshkian stated during the UN General Assembly that Iran now wants to return to the Memorandum of Understanding with the US before the US midterm elections.
