US crude oil futures fell $2.13 to $74.66 per barrel

Today, US crude oil futures fell $2.13 to $74.66 per barrel as the war cessation agreement with Iran boosted supply expectations.

Oil prices fell by more than a dollar per barrel today, after the United States and Iran signed a temporary agreement that would end their war, reopen the Strait of Hormuz, and lift US sanctions on Tehran’s oil, which supports the prospects for oil supplies.

Brent crude futures fell $1.64, or 2.06 percent, to $77.91 per barrel by 04:27 GMT.

US West Texas Intermediate crude fell $1.80, or 2.34 percent, to $74.99 per barrel.

Thus, the two crude oil prices resumed their decline while giving up the gains they achieved yesterday, Wednesday, after US President Donald Trump said that he might resume the bombing campaign if “Iran’s leaders do not behave.”

Tony Sycamore, a market analyst at IG, said in a note: “The selling wave extended as energy markets continue to strongly prepare for the return of Iranian oil at a faster pace than expected in the wake of the latest memorandum of understanding between the United States and Iran.”