US-Iran War-Ending MOU Nears as Hormuz Reopening Sends Oil Down More Than 10%

The US and Iran are nearing a memorandum of understanding to end the war and resolve the nuclear issue, with international oil prices falling more than 10% due to the reopening of the Strait of Hormuz. WTI fell to $89 a barrel and Brent to $99 a barrel. Both sides plan to negotiate detailed terms for formally ending the conflict after signing the MOU.