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Oil falls 4% on US-Iran deal
The crisis over the closure of the Strait of Hormuz, which lasted for more than three months, has ended, allowing the resumption of oil shipping through the strait. This has led to a decrease in oil prices to their lowest levels since March of this year. An initial agreement has been reached between the United States and Iran, involving the reopening of the strait within thirty days, following understandings that include lifting sanctions on Iran in exchange for steps related to its nuclear program. The price of Brent crude fell by 4.1% to $83.8 per barrel, while West Texas Intermediate declined by 4.6% to $80.9, as oil flows resumed and geopolitical risks diminished.
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