Oil and grain prices fall after Iran deal

Globally, the prices of grains and vegetable oils have declined following expectations of a return to shipping activities through the Strait of Hormuz, which is one of the most important trade passages for agricultural products and fuel. This comes after the announcement of an agreement between the United States and Iran to de-escalate tensions and resume operations in the strait. As a result, futures contracts for wheat, corn, and soybean oil have decreased, reducing inflationary pressures on food prices and boosting prospects for a easing of global supply disruptions.

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