Global oil markets rally as U.S.-Iran peace talks signal potential reopening of Strait of Hormuz Brent crude oil prices plunged nearly 11% to below $98 per barrel on Wednesday May 6 as reports emerged that the United States and Iran are nearing a peace agreement to end hostilities and reopen the Strait of Hormuz. President Donald Trump announced he was pausing “Project Freedom,” the U.S. military operation to guide stranded vessels through the strait, citing “great progress” in negotiations with Tehran. Iran’s Islamic Revolutionary Guard Corps navy confirmed the strait could reopen following the end of “threats from aggressors,” signaling a…

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