U.S. oil falls below $89 on report Iran agreement would restore Hormuz traffic in one month - CNBC

U.S. crude has broken below $89 on reports a U.S.-Iran deal could restore Strait of Hormuz traffic within a month, raising the prospect of meaningful incremental supply returning to the market. The setup creates a near-term headwind for oil-leveraged equities and a potential bid for energy-importing sectors, but the trade is hostage to deal credibility and negotiating timeline.