Oil slumped for a second day after Axios reported that the US and Iran are getting close to a one-page memorandum of understanding to end the war.
Brent fell as much as 7% to $102.22 a barrel in London, while West Texas Intermediate lost up to 7.7%. Axios said the memo, which would include both sides lifting restrictions on the Strait of Hormuz, hasn’t yet been agreed and the US sees Iran responding within 48 hours.
