Crude oil prices fell sharply following Iranian state media reports of a draft agreement with the U.S. The purported framework aimed to normalize maritime traffic through the Strait of Hormuz.
Commercial shipping would return to pre-war levels under the alleged deal. This restoration would occur within one month. Brent and WTI crude futures dropped significantly on expectations of increased global supply.
The White House refuted the claims, calling the Iranian media report a complete fabrication. This denial triggered significant market volatility and tempered the initial price drop.