CRUDE FUTURES PLUNGE – The plunge follows the U.S-Iran peace deal and reopening of the Strait of Hormuz
Crude futures fell sharply following the announcement that the United States and Iran have reached a peace deal that provides for an immediate and permanent ceasefire as well as the reopening of the Strait of Hormuz.
As of about 18:00 Eastern Time, the West Texas Intermediate for July delivery had dropped by around 4 percent to settle at roughly 81 dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery had decreased by about 4 percent, to settle at around 83 dollars a barrel on the London ICE Futures Exchange.
Since the war began in late February, disrupted shipping in the Strait of Hormuz drastically tightened oil supply, resulting in soaring international oil prices.
