Global oil prices have dropped sharply following the announcement of a two-week ceasefire between Iran and the United States. According to a report by Reuters, US crude fell to $96.31 per barrel, while Brent crude declined to $94.71 per barrel. The report added that US crude prices dropped by around 15%, while Brent crude fell by approximately 13%. At the same time, Asian stock markets reacted positively to the ceasefire. Japan’s Nikkei index rose by nearly 5%, while South Korea’s Kospi index gained about 6%. Earlier, the outbreak of conflict involving the United States and Israel against Iran, along with reduced shipping traffic through the Strait of Hormuz, had driven global oil prices significantly higher. Following the ceasefire, Iran announced that safe navigation through the Strait of Hormuz would be permitted for a period of two weeks, coordinated by its armed forces and subject to specific technical restrictions. The Strait of Hormuz is a critical route for the transportation of around 20% of the world’s oil, and disruptions to shipping through this passage had significantly impacted global energy markets.
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