Oil Prices Fall as U.S.-Iran Deal to Reopen Hormuz Takes Effect

Oil prices stayed near their lowest levels since the first days of the war and U.S. stocks rose on Thursday after the United States and Iran said they had signed a preliminary agreement to reopen the Strait of Hormuz. The terms also include Iran immediately receiving waivers on sanctions from the Treasury Department for the export of oil and other petroleum products that have long been restricted.

Both sides said that President Trump and President Masoud Pezeshkian of Iran signed the deal remotely on Wednesday.

Talks on putting a final deal between Iran and the United States would take place on Friday at an alpine resort in Switzerland, where a signing ceremony was initially expected be held, according to the Swiss foreign ministry.