Commodities
Oil Prices Plummet Amid US-Iran Ceasefire Deal
Oil prices plummeted to their lowest since the start of the Iran war after the US and Iran signed an interim ceasefire deal, boosting the global supply outlook.
The agreement, which includes a 60-day negotiation period, calls for toll-free passage through the Strait of Hormuz and aims to restore traffic to its full capacity within 30 days.
Brent crude futures fell $1.02, or 1.28%, to $78.53 a barrel, while US West Texas Intermediate dropped $1.48, or 1.93%, to $75.31 a barrel.
Analysts expect a gradual recovery in flows through the Strait of Hormuz, but industry experts caution that prices may not plummet as demand recovers and inventories are refilled.