Eco
Global oil prices declined on Thursday, following the signing of a US-Iran agreement designed to end conflict, reopen the Strait of Hormuz, and lift sanctions on Iranian oil exports. This accord is anticipated to conclude what has been termed the largest historical disruption in energy supplies. Brent crude futures fell by $1.58 to $77.97 per barrel. Concurrently, US West Texas Intermediate crude dropped $1.80, settling at $74.99 per barrel. The memorandum was signed remotely on Wednesday evening by US President Donald Trump and Iranian President Masoud Pezeshkian. It commits Tehran to reduce uranium enrichment in future negotiations, in exchange for the removal of American sanctions.
