Oil benchmarks fell sharply as the Strait of Hormuz reopens, easing supply concerns after over 100 days of closure.
Brent crude fell 3.95% to $83.88 per barrel in early Asian trading Monday after the U.S. and Iran agreed to reopen the Strait of Hormuz. WTI declined 4.62% to $80.96 per barrel.
Prices had peaked in mid-May but trended lower in recent weeks amid deal speculation, despite escalatory strikes. The closure had disrupted global oil shipments for over 100 days.
President Trump announced the deal’s completion late Sunday, signaling a potential easing of supply constraints.