Oil Prices Drop as U.S. and Iran Reach Agreement on Hormuz Strait

Oil prices experienced a sharp decline following reports of a consensus between the U.S. and Iran regarding the gradual reopening of the Hormuz Strait in exchange for easing blockades. According to PANews, citing Saudi media Alhadath and Arab TV, sources indicate that the coming hours may see a breakthrough in the situation involving stranded ships in the strait. In response, WTI crude oil prices fell over 3% during the day, while Brent crude oil prices dropped nearly 3%.