Brent crude oil contracts (OIL) are deepening their losses, dropping as much as -11% and falling below $90 per barrel for the first time in over a month.
The accelerated sell-off during today's session is a reaction to the latest report from Axios, which stated that the U.S. and Iran are discussing a new proposal for a 3-page peace plan. The centerpiece of the agreement is reportedly the transfer of Iranian uranium to the U.S. in exchange for $20 billion in frozen Iranian funds. Iran's right to continue enriching uranium has been the primary sticking point in the official peace talks, which currently remain suspended.
However, a recent interview with Donald Trump struck a fairly conciliatory tone, indicating a general willingness to continue the dialogue. The U.S. President announced that he would extend the ceasefire if the parties move closer to an agreement and stated that he is personally ready to travel to Pakistan, where the talks have been held. According to Trump, negotiators from both sides are set to resume talks this coming weekend, and Iran is "ready to take steps it previously had not considered."
LAST MINUTE: According to the Iranian Ministry of Foreign Affairs, the Strait of Hormuz will remain fully open for commercial ships as a part of a ceasefire. Trump confirmed reopening.
Source: xStation5
⬇️WTI Oil declines nearly 9%
Daily summary: Stocks back in the green on hopes for US-Iran talks, dollar resumes losing streak (13.04.2026)
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