- No articles yet.
Oil Prices Sink After Hormuz Deal
Oil prices tumbled after the US and Iran signed a memorandum of understanding to end their war, with Brent crude falling below $80 and US gasoline dropping under $4 per gallon for the first time since March.
The International Energy Agency warned that the market could swing from crisis to massive surplus by 2027 as Middle East output rebounds.
The reopening of the Strait of Hormuz is expected to ease supply bottlenecks, though shipowners still have safety concerns.
Analysts cautioned that full relief at the pump could take years, with prices still about a third higher than pre-war levels.
Classification of sweet light crude oil that serves as a major benchmark price for purchases of oil worldwide
Strait of Hormuz
Strait between the Gulf of Oman and the Persian Gulf
Strait between the Gulf of Oman and the Persian Gulf
United States
Country located primarily in North America
Country located primarily in North America
Iran
Country in Western Asia
Country in Western Asia