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Oil prices fall after Iran steps up truce efforts, US says Hormuz mines cleared
Oil prices fall after Iran steps up truce efforts, US says Hormuz mines cleared
Mohsen Rezaei, secretary of Iran's Supreme National Security Council, said in an interview on Thursday that Iran was preparing a list of conditions for reopening the Strait of Hormuz.
Jack Dutton
Aug 28, 2026
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Ships are anchored in the Strait of Hormuz on Aug. 10, 2026, off the coast of Bandar Abbas, Iran. — Ali Saeedi/Getty Images
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Oil prices fell on Friday after the US military said it had cleared all the mines in the Strait of Hormuz and Iran said it would draw up a list of demands for the waterway’s full reopening. Crude also shed some of its value a day after Qatar's top diplomat met with senior officials in Tehran in a bid to reopen negotiations with the US to end the six-month-old war.
What happened: Brent crude, the international benchmark for oil, was at $87.58 a barrel as of 9:13 a.m. EDT on Friday, down 1.08% from the previous day. Earlier on Friday, it had fallen as low as $87.36.
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