Gorgiiva: Oil Prices to Drop Post-Agreement

The Managing Director of the International Monetary Fund, Kristalina Georgieva, stated that oil prices are expected to decline slightly following a temporary agreement between the United States and Iran that allows shipping through the Strait of Hormuz to resume. However, this won't cause a market crash. She anticipated that it would take some time for shipping traffic through the strait to return to normal and that countries would seek to compensate for and increase their oil reserves due to the abundance of shipments. By the end of the Asian trading session, oil prices dropped by more than 3%, with West Texas Intermediate crude oil at $74.18 per barrel, and a slight increase in Brent crude to $77.15 per barrel.

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