Markets rally on expectations that the agreement will ease global energy supply concerns, though analysts warn gas prices may remain elevated for some time.
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Markets rally on expectations that the agreement will ease global energy supply concerns, though analysts warn gas prices may remain elevated for some time.
Energy prices tumbled and stocks jumped Monday — but only moderately — after the U.S. and Iran said they had reached a deal to reopen the Strait of Hormuz.
Oil prices sank Monday, hitting their lowest levels in more than three months, after the United States and Iran said they had reached an agreement that would end a US blockade of Iranian ports and reopen the vital Strait of Hormuz.
Oil prices dropped sharply on Monday, with WTI crude falling over 5% following a preliminary U.S.-Iran deal aimed at ending the conflict that disrupted global energy supplies.
Low OECD inventories, a depleted U.S. SPR, recovering demand, and persistent geopolitical risks suggest Brent could find support well above pre-war levels even if Middle East supply gradually returns.
Brent crude futures fell 0.1% to $77.18 a barrel Thursday. Earlier in the day, it traded as low as $75 -- just a few dollars above the roughly $72.50 price that was the norm prior to the outbreak of hostilities.
