WASHINGTON—Oil prices sharply declined shortly after the United States and Iran reached the preliminary ceasefire agreement, which authorized Tehran to resume crude oil sales.
On June 23, President Donald Trump highlighted increased oil transit through the Strait of Hormuz, announcing that 19 million barrels had passed through the strategic waterway the day before.
“An all time RECORD. Oil prices are tumbling down, and the World is a much safer place!!!” Trump wrote on Truth Social.
Crude oil prices have dropped sharply since the agreement was announced. On June 23, Brent Crude fell to $77 per barrel, its lowest in nearly three months. The U.S. benchmark, WTI Crude, dropped to $73 per barrel on the New York Mercantile Exchange, returning to levels seen before the conflict in Iran began on Feb. 28….
Oil Prices Tumble Following US–Iran Agreement, Sanctions Relief
