Oil drops as Trump nears Iran pact

Oil prices have declined to their lowest levels since early March amid optimism that a potential US-Iran peace deal could reopen the Strait of Hormuz. US President Donald Trump announced the postponement of military strikes against Iran, leading to a brief drop below $85 a barrel for Brent crude and fueling hopes of renewed trade routes. Market analysts suggest that an agreement could stabilize oil supplies and boost the market, which has been influenced by factors such as import cuts from China and increased Gulf exports. Goldman Sachs forecasts an average of $90 per barrel this quarter, though it has lowered its 2027 estimate due to expected higher supplies and lower demand.

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