Oil Prices Drop Below $90 as Trump Announces US-Iran Peace Framework

Oil prices dropped below $90 per barrel, with Brent crude falling from around $93 a barrel in overnight trade. The decline was driven by optimism that the Strait of Hormuz could reopen over the weekend, easing fears of supply disruptions. Trump called off further military strikes against Iran, which had been scheduled for the evening of June 12, marking a significant shift in US-Iran relations. The announcement came after a week of heightened tensions, with Iran threatening to close the Strait of Hormuz, a vital route for global oil shipments. The development was widely reported by both the Times of India and The Guardian, though the Guardian noted that the price of Brent crude had not seen such lows since the initial stages of the Iran crisis. The two sources concur on the key facts: Trump's announcement, the drop in oil prices, and the potential reopening of the Strait of Hormuz. However, the Guardian emphasized the timing of the price drop relative to the crisis, while the Times of India focused on the immediate market reaction to Trump's statement.