International media have reported that global oil prices fell significantly after the announcement of an agreement between the United States and Iran.
According to reports, the price of Brent crude oil declined by 3.9 percent, bringing the cost per barrel down to $84. Meanwhile, U.S. crude oil dropped by 4.9 percent, with the price per barrel falling to around $81.
Economic analysts say that the reopening of the Strait of Hormuz and the resumption of normal transit for oil tankers could increase global oil supplies and ease upward pressure on prices in international markets.