00:00With oil prices slumped around $4 a barrel to a three-month low on Monday, amid a broad sell-off
00:06after President Donald Trump said the United States and Iran have signed a memorandum of understanding aiming to end the
00:13Iran war and reopen the Strait of Hummus.
00:15Brand crude futures fell $4.11, or 4.7%, to $83.22 a barrel by 1.30 p.m., and
00:24U.S. West Texas Intermediate was at $80.54, down $4.34, or 5.11%.
00:37Both contracts fell to their lowest level since March 10 on Monday, after tumbling more than 3% on Friday.
00:43WTI futures fell as much as $5 during the session.
00:47The memorandum of understanding has been signed by Trump and Vice President J.D. Vance and Iranian Parliament Speaker Mohamed
00:54Bahir Khalibov, one of U.S. officials said.
00:57An official signing ceremony for the agreement is due to be held on Friday in Geneva.
01:03Iran's semi-official mayor news agency said the draft deal called for reopening the Strait of Hummus within 30 days
01:09under Iranian arrangements.
01:11Iran lowered the official selling price for its slight crude oil grade for Asian buyers to $7.15 a barrel,
01:18above the Oman-Dubai average for July, the state-owned national Iranian oil company said on Monday, compared with the
01:24previous month's premium of $13 a barrel.
01:28The world has lost millions of barrels of oil and gas supplies since the war closed the Strait of Hummus,
01:33a choke point for a fifth of the world's oil and liquefied natural gas supplies, for more than three months.
01:39It is unclear how quickly those barrels will return to market once the waterway is opened.
01:44The gas will go down. As soon as the war is over, it will drop like a rock. There's so
01:49much of it. It's all over the place, sitting all over the oceans of the world.
01:54And it'll be, it'll go down. But what won't happen is if Iran had a nuclear weapon and used it,
02:01then the whole world is a different place.
02:05You're not going to have to pay a little bit more for gasoline. The gasoline, the oil will go down
02:11rapidly as soon as the war is over.
02:13Investors are also watching cautiously how quickly Middle Eastern producers can resume oil production and exports for lowing damage from
02:21the war and whether more ships will enter the region.
02:24More than 14 million barrels per day of oil output is shut, or about 14% of world demand, according
02:30to the International Energy Agency's most recent report.
02:34A full return to pre-war production and refining levels is likely to take weeks, months or even years, industry
02:41officials say.
02:44I'm going to go down to the oil system.
02:45If you go down to this oil model, I pay attention to the oil of the oil value.
02:45What I should do is to remove oil of the oil oil.
02:45Now, we'll get the oil from the oil to the oil oil to the oil.
02:45The oil is did a lot of oil to the oil oil.
02:45The oil is about 22% of oil oil.
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