Oil extends slide, heads for weekly loss amid reports of U.S.-Iran draft deal in Oil & Companies News 12/06/2026 Oil extended a slide from the previous session on Friday, as hopes grew that a peace deal between the U.S. and Iran which would reopen the Strait of Hormuz may be signed soon. Brent crude futures, the global oil benchmark, were last down by 4.3% at $86.47 a barrel, while U.S. West Texas Intermediate crude futures declined by 4.5% to $83.78 a barrel. The Brent contract slipped below $90 a barrel on Thursday after U.S. President Donald Trump suggested that an agreement to end the war in Iran, now in its fourth month, may be close. Both benchmarks are on track for over 7% weekly losses. The Mehr news agency said that a Memorandum of Understanding (MoU) between Iran and the U.S. would unblock the Strait of Hormuz, a vital waterway for a fifth of the world’s oil, and lift U.S. sanctions on Iranian oil. The MoU would also include the release of frozen Iranian funds, Mehr reported, adding that final negotiations will focus on nuclear and economic issues. However, discussions about Iran’s missile program will be excluded, Mehr said. Relevant authorities need to finalize to the proposed deal, the report said. Washington and Tehran could sign a peace deal as soon as this weekend that would reopen the Strait of Hormuz to shipping, Trump said on Thursday. However, traders remained cautious, particularly after similar statements from Trump in the past have failed to halt the more than three-month old war. “We think Brent oil can also still easily make a move above $100 again. The longer the conflict remains unresolved, the more supply shortages will feed into higher prices,” analysts at ING said in a note. Any setback in negotiations could quickly revive supply concerns. Oil prices remain well above pre-war levels, although their slide could help ease concerns over an energy-fueled inflation burst that may persuade global central banks to hike interest rates in re