Oil prices decline amid Hormuz reopening hopes

Oil prices declined following the announcement of a US-Iran peace deal, raising hopes that the Strait of Hormuz will reopen to commercial shipping. The deal has led to a 4% drop in Brent crude, bringing prices to their lowest levels since early March, amid market optimism that Gulf oil exports may resume soon. While details remain unclear, Iran has indicated a 60-day negotiation period, and analysts caution that complex negotiations could delay full recovery, with the potential for crude prices to rise again during peak demand this summer.

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