Oil prices decline after US and Iran sign ceasefire agreement
The US and Iran have formally signed an agreement to reopen the Strait of Hormuz, putting pressure on oil prices.
The speed of change in oil markets has been notable, with the IEA warning of a potential oil glut despite current market tightness.
Brent crude is trading at $77.64 per barrel, down 2.40% on the day, while West Texas Intermediate has fallen 2.88% to $74.58 per barrel.