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Oil drops amid easing tensions
Oil prices fell by more than $4 per barrel after U.S. President Donald Trump refrained from launching a new attack on Iran, reflecting a decline in geopolitical tensions in the region. This comes amid expectations of a potential initiative to reopen the Strait of Hormuz, as Trump indicated that Iran and other Middle Eastern countries requested a grace period to complete an agreement aimed at ending Iran's nuclear threat and reopening the strait. Last month, both crude benchmarks surged over 20% due to escalating confrontations between Washington and Tehran, as well as attacks on oil tankers. However, optimism about reaching an agreement eased security concerns and contributed to the decline in prices.
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