Oil falls over 2% on Strait reopening

Oil prices declined by more than 2% today, Thursday, following the signing of a temporary agreement between the United States and Iran to halt their war. This has boosted expectations of increased global oil supply and the potential reopening of the Strait of Hormuz to shipping traffic. Brent crude fell to $77.80 per barrel, while West Texas Intermediate dropped to $74.84. Expectations suggest that negotiations will conclude within 60 days, with full shipping activities resuming within 30 days. These declines are attributed to the possibility of Iranian oil exports returning, which were previously threatened, amid concerns of a significant market surplus potentially reaching 5.05 million barrels per day by 2027, along with pressures related to US interest rate policies and their impact on global oil demand.

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