Oil falls over 2% after US-Iran deal

Oil prices declined by more than 2 percent after a temporary agreement was signed between the United States and Iran, which entails opening the Strait of Hormuz and resuming the export of Iranian oil during a negotiation period of 60 days. These developments contributed to a drop in Brent crude to $77.91 per barrel and West Texas Intermediate to $74.66, with expectations of shipments resuming and closure of blocked shipping routes being lifted. The agreement aims to improve the market situation but faces caution, particularly given the prospects of increased supply surpassing demand by 2027, as well as the impact of interest rate hikes on global demand.

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