An immediate decline in oil prices after the announcement of the US-Iranian peace agreement
Retracted Oil prices increased by more than 4% today, Monday, after Pakistan announced that the United States and Iran had reached an agreement ending War in the Middle East and reopens Strait of Hormuz.
The price of West Texas Intermediate crude fell in early Asian trading by 4.39%, reaching $81.15 per barrel.
While Brent crude recorded a decline of 4%, bringing the price of a barrel to $83.84.
Opening the Strait of Hormuz
US President Donald Trump quickly confirmed in a statement issued on Sunday that the agreement with Iran had been completed, noting that the Strait Hormuz will reopen after signing the agreement next Friday.
He added: "I fully authorize the opening of the Strait of Hormuz without tolls, and at the same time I authorize the immediate lifting of the naval blockade imposed by the United States. O ships of the world, start your engines, let the oil flow."
Shortly thereafter, Iran said that the announced agreement with the United States brought an immediate end to the war between the two countries.
The Iranian National Security Council announced that the agreement was signed with
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A first step to an agreement
Said Stephen Innes of the company "SBI" Asset Management: This is a first step to an agreement, not a final peace settlement, and market trading will occur on the impact of verifying the implementation of the terms of the agreement.
He continued: It is a framework for a marketable ceasefire that works to postpone difficult problems, Iranian compliance, and Hezbollah is calm.
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