Oil prices fall after US-Iran ceasefire deal
Global financial markets reacted positively after the United States and Iran agreed to a conditional two-week ceasefire, which includes reopening the strategic Strait of Hormuz. The development led to a sharp drop in oil prices and strong gains in stock markets worldwide. Brent crude fell by around 13% to $94.80 per barrel, while US crude dropped more than 15% to $95.75. Despite this decline, prices remain above pre-conflict levels, when oil traded near $70 per barrel in late February. Energy markets had been under pressure due to disruptions in Middle Eastern supply, particularly after Iran threatened to target vessels passing through the Strait of Hormuz in response to US and Israeli strikes. Stock markets mirrored the improved sentiment. European indices opened higher, with London’s FTSE 100 rising by 2.53%, France’s CAC 40 gaining 4%, and Germany’s DAX climbing nearly 5%. […]
