US-Iran deal eases tensions, oil drops

Oil prices fell by more than $4 per barrel following the announcement of a memorandum of understanding between the United States and Iran to end the war and open the Strait of Hormuz. This led to a decline in fears of escalation and rising geopolitical tensions in the region. Both Brent crude and West Texas Intermediate recorded their lowest levels since March, with expectations of increased supplies and stable shipping activity in the Gulf.

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