Iran said it can reopen the Strait of Hormuz in a matter of seven days if it reaches a deal with the U.S. to ease military pressure and lift the blockade of its ports, according to different media reports.
Oil prices are falling further on the news. Brent crude, the international benchmark, dropped 2.22% and clocked in at $98.11 a barrel at 7:56 a.m. ET, while West Texas Intermediate, the U.S. benchmark, plunged 2.70% and stood below $90 a barrel at the same time.
