Oil Prices Plummet to Lowest Since Iran War Amid Ceasefire Deal

Oil prices plummeted over 1% on Thursday to their lowest since the start of the Iran war, after a ceasefire deal was signed between the US and Iran.

The agreement, which is set to last for 60 days, calls for the restoration of traffic through the Strait of Hormuz to its full capacity within 30 days.

Analysts expect a gradual recovery in flows through the strait, but industry experts caution that prices may not plummet as demand recovers and inventories are refilled.

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.