Oil Falls $2 as Iran Signals Potential Two-Day Strait Reopening Plan

Crude oil prices dropped in early Asian trading on Monday, with Brent falling roughly $2 per barrel as traders trimmed risk premiums amid diplomatic negotiations to reopen the Strait of Hormuz. The decline follows reports of a third day of Qatar-mediated talks over a proposed two-day plan outlined by Iranian Foreign Minister Abbas Araghchi. Under the framework, Washington must fulfill conditions on day one, including sanctions relief and oil export waivers, before transit resumes on day two. The move comes after Iran reported two tankers struck mines in the waterway.