Prices are falling for oil prices are falling today, Thursday, June 18, following the signing of the agreement U.S.-Iran agreement to end the war in the Middle East.
With the agreement signed by U.S. President Donald Trump and his Iranian counterpart Masoud Pezeskian, provides for the reopening of the Strait of Hormuz.
This development, as noted by AFP, has bolstered expectations for a more stable path to peace between the two countries, following more than three months of clashes that caused turmoil in energy markets and contributed to a resurgence of inflationary pressures.
Brent crude futures fell by 89 cents, or 1.12%, to settle at $78.66 per barrel. U.S. West Texas Intermediate fell by 98 cents, or 1.28%, to settle at $75.81 per barrel.
The market reacted positively to the announcement regarding the reopening of the Strait of Hormuz, as this waterway is a critical passage for international energy and global oil supplies.
