Oil prices are plunging as the US and Iran discuss a deal (again). (CNBC)
Brent crude futures fell nearly 8% to around $101/barrel yesterday, while WTI futures dropped about 7% to $95. The driver? Reports that Washington and Tehran are nearing a 14-point MOU to end the war and reopen broader nuclear talks.
What’s on the table: Iran would pause nuclear enrichment for 12+ years, commit to tighter inspections, and gradually lift shipping restrictions through the Strait of Hormuz. The US would ease sanctions and release frozen Iranian funds. Sources told Axios this is the closest the two sides have gotten to a peace deal.