Brent Falls 8.7% on Market Calm

Oil prices sharply declined after the cessation of the mutual attacks between the United States and Iran, which boosted hopes for de-escalation in the Middle East and a return of oil flows through the Strait of Hormuz. Brent crude closed at $88.36 per barrel, down by 8.7%, while U.S. crude dropped to $82.61, a 7.5% decrease. This decline comes amid expectations of an increase in China's oil imports in July after a previous decline, continued improvements in maritime traffic in the waterways, and U.S. oil inventories falling to their lowest levels since 1983. These trends reflect a market balance and the resilience of global demand, even amidst ongoing geopolitical and economic developments.

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