Oil markets decline after reported Iran–US deal and Strait of Hormuz reopening reports

Global oil markets declined following reports of a purported Iran–US agreement and the reported reopening of the Strait of Hormuz. According to market data, Brent crude fell by 3.8 percent to $83 per barrel. West Texas Intermediate (WTI) crude also dropped by 4.1 percent, trading at $81 per barrel. Experts say recent market volatility has been largely driven by regional geopolitical tensions and concerns that oil shipments through the Strait of Hormuz could be disrupted; a route considered one of the world’s most important transit corridors for energy exports.