Oil Prices Slide Below $80 on Iran Supply Hopes as Bond Yields Ease Before Warsh Fed Debut

While details remain scarce, President Donald Trump has said that the two sides already signed a memorandum of understanding ahead of an official ceremony in Switzerland on Friday.

And oil prices moved between small gains and losses as investors weighed a preliminary agreement between the United States and Iran, despite lingering uncertainty about some of its provisions.

US President Donald Trump was jubilant when he announced a preliminary deal with Iran to end the war that has brought about the worst energy crisis of modern history – and which has closed the Strait of Hormuz to world shipping.

Crude oil stockpiles across the country continued to plunge this week, as the Trump administration tapped America’s backup supply of energy products to help keep gas prices down while the Strait of Hormuz remains effectively shut to vessel traffic.