Oil Slides as US Touts Progress on Deal Toward Reopening Strait Oil prices have plummeted by 3% amid news of a potential deal between the United States and Iran, sparking hopes that the long standing blockade of the Strait of Hormuz might soon be lifted.
This critical chokepoint accounts for nearly 20% of global oil exports, connecting the Persian Gulf to major shipping lanes.
However, beneath the surface, Japan's Prime Minister Sanae Takaichi has been sounding alarm bells about the economic fallout from the ongoing conflict in Iran.