The U.S. and Iran agreed to a framework extending their ceasefire for 60 days, with a formal signing ceremony expected Friday and nuclear talks to follow.
Why it matters: The agreement could reopen the Strait of Hormuz, ease pressure on global energy markets and create a window for negotiations over Iran's nuclear program.
Crude oil prices fell over 4% to their lowest levels in over three months Sunday after the U.S. and Iran agreed to a ceasefire extension that could lead to the reopening of the Strait of Hormuz.
Why it matters: Severe restrictions on oil traffic through the strait since the conflict began in late February have created an unprecedented energy shock that's a drag on the global economy.
