Oil prices dropped by more than $1 per barrel on Thursday after the United States and Iran signed a temporary ceasefire agreement aimed at ending their conflict, reopening the Strait of Hormuz, and improving expectations for global oil supplies.
Brent crude fell by 2.06% to $77.91 per barrel, while US West Texas Intermediate (WTI) dropped 2.34% to $74.99 per barrel.
The agreement, described as a 14-point deal, begins a 60-day negotiation period. It includes plans to restore normal shipping through the Strait of Hormuz, a major route for global oil and gas transportation.
Market analysts said traders expect more Iranian oil to return to international markets if the deal remains in place, putting pressure on prices. However, some experts warned that supply may not recover immediately because shipping companies remain cautious.
The agreement does not resolve all major disputes, including Iran’s nuclear programme, and further negotiations are expected.
The International Energy Agency (IEA) warned that if the agreement succeeds and oil exports fully recover, the market could face a large surplus in 2027 as supply exceeds demand.
Rising expectations that the US Federal Reserve may increase interest rates later this year also weighed on oil prices, as higher rates could slow economic growth and reduce energy demand.
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