Brent crude futures fell below $79 per barrel on Tuesday, its lowest level since March, according to a report by Julianne Geiger for Oilprice.com. The decline followed the United States and Iran digitally signing a peace agreement that includes the reopening of the Strait of Hormuz and the immediate return of Iranian oil sales to global markets. The selloff has been described as relentless, with Brent down more than 33% over the past month and West Texas Intermediate plunging to the mid-$70s.
The agreement effectively reconnects one of the world’s largest oil producers to global energy markets overnight, according to the report. The market is also betting that traffic through the Strait of Hormuz will normalize, easing fears over a chokepoint that normally handles roughly a fifth of global oil flows. Oil has fallen for multiple sessions on Iran peace optimism, with traders waiting for updates on a potential deal, as noted in earlier coverage [5].
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