Oil hits three-month low with 4% decline

Oil prices dropped by approximately 4%, reaching their lowest level in three months, amid increasing hopes of reaching an agreement between the United States and Iran to open the Strait of Hormuz and resume oil flows through it. As a result, the price of Brent crude fell to $79.88 per barrel, and West Texas Intermediate to $76.93, amid concerns over ongoing market disruptions and potential impacts of the war on global oil exports. Market expectations depend on the details of the provisional agreement, with warnings that reactivating shipping and oil exports could take weeks.

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