WEB DESK: Oil prices declined on Monday after reports emerged that the United States and Iran had agreed to end hostilities and restore shipping through the Strait of Hormuz, a key global energy route.
According to Reuters, Brent crude futures dropped $3.51, or 4.02%, to $83.82 per barrel by 2203 GMT. Meanwhile, U.S. West Texas Intermediate (WTI) crude fell $3.93, or 4.63%, to $80.95 a barrel.
Pakistan’s Prime Minister Shehbaz Sharif announced on X that Washington and Tehran had finalized a peace agreement following intensive negotiations.
“We are pleased to announce that a Peace Deal between the United States of America and the Islamic Republic of Iran has been reached,” Sharif stated, adding that both countries had agreed to immediately and permanently cease military operations across all fronts, including Lebanon.
U.S. President Donald Trump later confirmed the development in a post on Truth Social, declaring that the agreement with Iran had been completed.
Trump said he had authorized the reopening of the Strait of Hormuz without tolls and ordered the removal of the U.S. naval blockade.
“The Deal with the Islamic Republic of Iran is now complete,” he wrote. “Ships of the world, start your engines. Let the oil flow.”
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