Key Insights
Brent crude futures fell 5.1% to $82.86 per barrel, marking the lowest level since March 10.
U.S. West Texas Intermediate crude dropped 5.4% to $80.26 per barrel, also reaching a three-month low.
The ceasefire agreement includes the reopening of the Strait of Hormuz within 30 days, which had been closed for over three months due to the conflict.
AI Analysis
The ceasefire agreement between the U.S. and Iran is expected to lead to a gradual reopening of the Strait of Hormuz, easing supply constraints and po...
Market Outlook
Short-Term
In the short term, oil prices are expected to remain volatile as markets digest the implications of the ceasefire agreement. The actual reopening of the Strait of Hormuz and the resumption of oil flows will be key factors influencing price movements.
Long-Term
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