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Strait of Hormuz Deal Could Shift Oil Prices
Description
A potential deal to reopen the Strait of Hormuz—critical for 20% of global oil shipments—could reshape energy markets, with a formal signing set for June 19th in Switzerland. After Iran shut the strait in retaliation for U.S.-Israeli strikes in February, global gas prices soared. While past ceasefires fizzled, this agreement carries more weight with concrete timelines and international backing from the UK, France, and Qatar. Still, hurdles remain: U.S. commitments must be met, and the deal is still a MOU. Oil prices have already dipped on the news, but the next 1.5 weeks are make-or-break—if the signing happens and the strait opens without new tolls, it’s a major win; if not, prices could surge again.
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