After the US-Iran peace deal was announced, crude oil prices eased by over 5 percent in early trade and have hit 3-month low. Brent Crude fell below 84 dollars a barreland as investors cheered the oil price movements, they are watching how the rest of the week will unfold as far as the levels are concerned.
Global oil market expert, Peter McGuire, CEO, Trading.com, Australia told Timesnownews.com that the announcement of the US-Iran peace deal is, ” a big positive for energy markets and on the geopolitical front. This is a big win, let us see how the rest of the week unfolds. However Netanyahu’s move and the choices he makes remain a major concern. If the peace deal continues, believe energy prices will be much cheaper and Brent Crude could even fall below 70 dollars a barrel.”
“The Deal with the Islamic Republic of Iran is now complete,” Trump said in a Truth Social post. Hormuz will open without a toll system and the US will end its naval blockade of Iran, the president said. “Ships of the World, start your engines,” Trump said. Let the oil flow!”
However, later, Donald Trump stated that the Strait will open on Friday, the day the official peace agreement signing ceremony is set to be held in Switzerland. “With the opening of the Strait upon the signing of the Deal on Friday, for purposes of mine removal, oil will flow on both ends again for the Region, and the World!.”
In early trading Monday, the price of Brent Crude Oil fell over 3 dollars a barrel and the price of US WTI Crude fell nearly 4 dollars a barrel.
However some experts believe it may take months for oil prices to stabilise after the disruptions from the war caused them to surge, pushing costs higher across the energy market.
Brent Below $70? Experts Bet On US-Iran Deal After Oil Hits 3-Month Low
