Oil futures fall 5% on Iran-US deal hopes

Oil futures prices fell by about 5 percent following developments in the peace talks between the United States and Iran. The American president announced that an agreement has been "largely negotiated," which includes a 60-day ceasefire extension and the reopening of the Strait of Hormuz. This caused Brent crude and West Texas Intermediate to drop to their lowest levels. However, experts warned that the recovery of oil supplies could be delayed until 2027 due to damage to oil facilities and logistical obstacles.

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