US-Iran Ceasefire Agreement Sends Oil Prices Tumbling

Oil prices have dropped following an agreement between the US and Iran to a 2-week ceasefire.

The recent conflict involving Iran, the United States, and Israeli forces had caused oil prices to rise roughly 4% as global concerns over energy costs intensified.

Attacks on energy infrastructure and shipping disruptions through the Strait of Hormuz, a critical passage responsible for about 20% of the world’s oil supply, had heightened fears of supply shortages and rising inflation, with production and exports across the region continuing to be disrupted.