Global crude oil prices have plunged after the United States and Iran reportedly reached a landmark peace agreement, easing fears of prolonged conflict in the Middle East and boosting investor confidence across global markets.
Brent crude, the primary benchmark for worldwide oil prices, fell 3.4% to $87.30 per barrel, while West Texas Intermediate (WTI) crude declined 3.2% to $84.88 a barrel. Front-month Brent crude futures had decreased by 4.3%, settling at $86.50 per barrel, while front-month WTI crude futures also dropped by 4.3%, now at $83.76 per barrel.
The market reaction follows President Donald Trump’s announcement that the U.S. has agreed to a peace deal with Iran, allowing the reopening of the Strait of Hormuz and removing oil sanctions on Iran. This development has reduced concerns over oil supply disruptions from the region and eased fears that the conflict would escalate further.
Pakistan Prime Minister Shehbaz Sharif stated that a “final, agreed-upon text of a peace deal” has been reached between the U.S. and Iran, with Pakistan collaborating closely with both parties to determine the next steps. Iran’s semi-official Mehr News Agency reported that significant portions of the peace accord have been completed, including provisions for the reopening of the Strait of Hormuz to global shipping.
The price decline marks Brent crude’s lowest closing point since March 5, 2026, falling to $87.33 per barrel, while WTI crude hit its lowest since April 17 at $84.88 per barrel. Over the week, Brent experienced a 6.2% decrease, while WTI fell 6.3%.
Investors welcomed the de-escalation in the region, with U.S. stock futures jumping as oil prices fell. The combination of reduced geopolitical risk and the potential return of Iranian oil supplies to global markets has created positive momentum across financial markets.
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