Oil Prices Fall to Three-Month Low
Brent and WTI crude prices dropped nearly 4% to their lowest in three months after the US, Iran, and other parties signed an agreement to end the war in the Middle East and reopen the Strait of Hormuz.
Oil prices experienced a sharp decline, falling to their lowest level in three months. During Monday's trading session, Brent crude fell 3.8% to $79.99 per barrel, while West Texas Intermediate (WTI) crude dropped 3.9% to $77.61 per barrel.
The drop is linked to a major geopolitical development: US President Donald Trump, Vice President James David Vance, and Iranian Parliament Speaker Mohammad Bagher Ghalibaf electronically signed an agreement on Monday to end the war in the Middle East. An official signing ceremony is scheduled for Friday in Switzerland.
The agreement also provides for the reopening of the Strait of Hormuz, which had been closed, causing a sharp rise in global oil prices. The reopening will allow normal oil supply flows to resume, easing market concerns about supply security.
