Oil prices fall after Iran steps up truce efforts, US says Hormuz mines cleared
Oil prices fell on Friday after the US military said it had cleared all mines in the Strait of Hormuz and Iran said it would draw up a list of demands for the waterway's full reopening. Brent crude was at $87.58 a barrel, down 1.08% from the previous day. Mohsen Rezaei, secretary of Iran's Supreme National Security Council, said Iran was preparing a list of conditions for reopening the strait, and that Iran and Oman had agreed on a shipping corridor.
Why it matters: This relates to the theme of energy security, as the reopening of the Strait of Hormuz affects global oil supply and prices.