Crude Oil Futures Drop on Trump's Promise of Iran Deal

Crude oil futures experienced a sharp decline this week following President Trump's online statement that a deal with Iran would be signed on Friday. According to the president, the signing will lead to the reopening of the Strait of Hormuz, a critical chokepoint for global oil shipments. Prices had already fallen dramatically on Thursday and Friday in anticipation of the imminent agreement. Markets are now awaiting the official signing to confirm the reopening of the strait.