Oil prices fall sharply on Iran deal, but whether they go much lower ‘is highly questionable’
By Steve Kopack Energy prices broadly tumbled and global stocks rose Monday — but only moderately — after the U.S. and Iran said they had reached an agreement to end fighting and reopen the Strait of Hormuz. The price of U.S. crude oil closed down 4.8% to $80.75 per barrel, while international Brent crude closed down 4.7% to $83.17 per barrel. For both benchmarks, those closing prices were their lowest since the first week of March, just days after the war with Iran was launched. Heating oil, a proxy for jet fuel, declined by more than 3.5%, while wholesale gasoline prices dropped more