Oil extended declines for a third day as investors speculated on whether the US and Iran are closing in on a peace deal that could lead to a resumption of flows through the vital Strait of Hormuz.
Oil plummeted after US President Donald Trump said the US is in the “final stages” with Iran, raising expectations for a near-term restart of energy flows through the critical Strait of Hormuz.
Oil storage tanks at the Rhone Energies SAS oil refinery in Fos-sur-mer, France, on Friday, March 20, 2026. The European Union’s energy chief has told member states to start filling gas storage early in order to avoid supply competition over the summer. Photographer: Jeremy Suyker/Bloomberg
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