SOOJIN KIM Research Analyst DIFC Branch – Dubai T: +44(4)387 5031 E: soojin.kim@ae.mufg.jp Oil retreats as US-Iran talks raise prospect of Hormuz reopening. Oil fell as US and Iranian negotiators explored a potential phased agreement to reopen the Strait of Hormuz, with Brent retreating toward USD 105/b and WTI falling below USD 93/b. Iran has reportedly submitted a seven-day proposal to the US under which it would reopen the waterway if certain conditions are met, although previous diplomatic efforts have failed to produce a lasting agreement.
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