Oil dips 4% after Trump Iran deal

Global oil markets experienced a significant decline of over 4% following US President Donald Trump's announcement of a peace agreement with Iran. The deal stipulates a halt to military operations and the reopening of the Strait of Hormuz to navigation, leading to a drop in Brent crude prices to $83 per barrel and West Texas Intermediate to $80. The agreement will be formally signed in Switzerland next Friday, with efforts to enhance regional security through demining and the permanent reopening of the strait. This move could help reduce shipping disruptions and boost global oil flows.

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