Reports that the US has presented a peace plan to Iran - after almost four weeks of war - and that Iran has announced that it is opening the Strait of Hormuz to “non-hostile” ships are putting downward pressure on oil prices. But reports that the US is about to send more American troops to the war zone are pulling in the other direction.
A futures contract for delivery of Brent crude (North Sea oil) is around $101 per barrel at 8 a.m.
The price compares with around $70 per barrel before the US and Israel's attack on Iran on February 28, and with price peaks of almost $120 per barrel during the war.
