Iran’s Two-Day Hormuz Offer Knocks 8% Off Brent; Washington Yet to Sign On
Brent crude fell about 8% to near $104 a barrel on Monday after Iran said a Qatar-brokered plan could reopen the Strait of Hormuz and restart nuclear talks with Washington within two days. Tehran wants the US naval blockade on its ports lifted and oil sanctions eased. The US has not accepted.
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India imports over 85% of its crude, so a sustained drop in Brent eases its import bill, the rupee and fuel-led inflation, and moves oil marketing, paint and aviation stocks. The offer is not a deal. Tuesday’s US midterm vote is the next marker for whether talks hold.