US‑Iran ceasefire deal pushes Brent crude below $80

Oil markets fell sharply after the United States and Iran announced a cease‑fire framework that could reopen the Strait of Hormuz. Brent futures slipped to $78.24 per barrel, the first sub‑$80 level since the conflict began, while U.S. West Texas Intermediate traded around $75.34. The price drop reflects market optimism that Iranian crude and other Gulf supplies will return, reducing the war‑risk premium that had lifted prices earlier in the year.

Analysts caution that the physical recovery of shipping will take weeks or months. Around 1,500 vessels remain stuck in the Persian Gulf, and de‑mining and security checks are still ongoing. Consequently, many expect oil to remain near an $80‑$90 floor as inventories are rebuilt and demand stays firm, especially in Asia. Europe’s gas market has shown resilience to the Hormuz shock, but the broader energy outlook continues to hinge on the pace of tanker traffic and the durability of the US‑Iran agreement.