Oil prices fall on improved supply outlook

Oil prices declined today, Thursday, following the implementation of the provisional peace agreement between the U.S. and Iran. This has led to the resumption of oil transit through the Strait of Hormuz and the reopening of some Gulf fields. Brent crude fell by 1.3% to $78.50 per barrel, while Nymex decreased to $75.50, reversing gains made yesterday, Wednesday. The signing of the agreement provides a window for additional talks, but markets expect its impact on oil prices to persist for a longer period, with forecasts indicating that Gulf exports will return to pre-war levels by the end of next month.

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