Oil prices have fallen to levels seen before the conflict with Iran.
Pressure on prices was exerted by the preliminary agreement between the US and Iran, which envisages an extension of the ceasefire, the possible opening of the Strait of Hormuz, and the easing of sanctions against Tehran.
According to Reuters, Brent fell to $77.69 per barrel, while WTI fell to $74.90. The market is pricing in increased supply: a significant portion of global oil flows passes through the Strait of Hormuz, so its recovery reduces the geopolitical premium on crude prices.
However, analysts do not expect an immediate price collapse. A full normalization of supplies could take time due to logistics, insurance, infrastructure restoration, and further negotiations.