Traders are waiting for U.S. and Iranian officials to meet in Switzerland on Friday, when they are expected to sign an initial agreement and begin a 60-day cease-fire.
Despite mutual praise between the two leaders, there has been a series of setbacks to U.S. relations with India since they last met more than a year ago.
When the cost of crude oil drops, economists say, it typically takes at least several weeks for gas prices to meaningfully follow. But the war in Iran has complicated the outlook for supplies.
The United States and Iran have signed a framework agreement for ending the war, but neither side has published the full text and its details remain unknown.
While the president says the agreement with Iran would open the Strait of Hormuz and provide economic relief, the country’s nuclear program is still a subject for negotiation.
Oil prices fell and stocks gained early Monday after Iran and the U.S. reached a deal that may allow more energy and other goods to flow through the Strait of Hormuz.
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