Oil Prices Fall for Third Straight Day; Iran: Deal Reached with Oman on Hormuz Revenue Distribution

Iran and Oman have reached an agreement on the distribution of revenues from the Strait of Hormuz. Driven by expectations of easing tensions, Brent crude fell more than 9% this week to $85 per barrel. Gulf producers including Iraq have shown signs of rushed shipments, with seven tankers currently loading Iraqi cargoes, totaling approximately 13 million barrels in capacity. However, the market cautions that the risk premium on Hormuz is likely to persist in the short term.