Oil price at 3-month low - US-Iran ceasefire agreement affected
Oil prices fell more than $2 a barrel on Thursday after the United States and Iran signed an interim deal that would end the Iran nuclear deal, reopen the Strait of Hormuz and lift U.S. sanctions on Tehran's oil, boosting the outlook for oil supplies.
Brent crude futures fell 2.69% to $77.41 a barrel and U.S. crude fell 3.07% to $74.43 a barrel. Brent crude fell to its lowest level since March 2, the first day of trading after the U.S. and Israel began attacking Iran.
The 14-point memorandum begins a 60-day negotiation period during which Iran will allow toll-free passage through the Strait of Hormuz, a key corridor for oil and gas transportation. The agreement stipulates that traffic through the strait should return to full capacity within 30 days.
Analysts are cautious about further declines in oil prices in the short term, as supply could remain constrained even after the reopening of the Strait of Hormuz.
According to them, the volume of crude oil returning to the market after the reopening of Hormuz may be limited, as some cargoes have already exited through alternative arrangements, while shipowners may be reluctant to send tankers back to the region due to concerns that the deal could fail.
Analysts think that overall demand for crude oil could outpace supply, keeping prices from falling to pre-war levels.
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