US-Iran Accord to Reopen Strait of Hormuz Triggers Over 3% Slump in Global Oil Prices

Global oil prices plummeted by more than 3% today following the signing of an agreement between U.S. President Donald Trump and the President of Iran, aimed at ending the conflict between the two nations and reopening the Strait of Hormuz.

According to reports from AFP, as of approximately 06:25 GMT (2:25 PM Taiwan Time), West Texas Intermediate (WTI), the primary U.S. crude oil benchmark, fell by 3.4% to trade at $74.18 per barrel.

Meanwhile, the international benchmark, Brent North Sea crude, dropped by 3.02%, reaching $77.15 per barrel. The reopening of this critical maritime corridor is expected to alleviate supply concerns that had previously inflated market premiums.