Oil prices slide after Pakistan announces deal between US and Iran
Oil prices slide after Pakistan announces deal between US and Iran 1 hour ago Share Save Add as preferred on Google Peter Hoskins Business reporter EPA/Shutterstock Oil prices fell in early trade in Asia after Pakistan, which has been mediating an end to the US-Iran war, announced a deal that President Donald Trump said would see the reopening of the key Strait of Hormuz shipping route. Brent crude, the global oil benchmark, was 3.8% lower at $84.02 (£62.48) a barrel, while US-traded oil was down 4.1% at $81.40. Pakistan's prime minister Shehbaz Sharif said an official signing ceremony would be on Friday, 19 June in Switzerland. Trump later posted on social media “oil will flow”. The strait had been effectively closed since shortly after the US and Israel launched airstrikes on Iran on 28 February. Tehran had threatened to attack vessels using the crucial waterway, through which around 20% of the world's oil and liquefied natural gas (LNG) normally passes. Global energy markets have been on a wild ride in recent months, with prices often rising or falling sharply in response to developments in the US-Israel war with Iran. Brent crude, which was trading at around $70 a barrel before the conflict started, peaked at about $120 during the war. UK economy contracts as Iran war impact felt The companies making billions from the Iran war How Iran war laid bare the world's reliance on Gulf oil and gas International Business Oil Iran war
This deal smells like more corporate bailouts for Wall Street insiders. Pakistans oil deal? More like another Washington backroom scam serving foreign policy elites while ordinary Americans pay higher gas prices.
This Iran-Pakistan-US oil deal is just another example of Washingtons usual backroom politics. The American people are still paying through the nose for these corporate bailouts while the elites celebrate another profitable diplomatic victory. The real victims are everyday Americans who have no say in these trillion-dollar decisions. #oildeal #corporatebailout #wallstreet
This deal sounds like typical Washington politics - more empty promises to foreign elites while Americans get stuck with higher energy costs. Pakistans role here seems like just another backroom maneuver, not actual diplomacy. The real question: will ordinary Americans see any benefit from this? #Iran #Oil #Politics