Oil prices, including U.S. crude and Brent futures, fell by approximately 5% after President Trump announced a completed deal with Iran to reopen the Strait of Hormuz. The U.S. crude futures closed at $80.75 per barrel, while Brent futures settled at $83.17.
The agreement includes the removal of mines and the end of the U.S. naval blockade of Iran, according to Trump's statement. Iran's state media reported that the Strait would be toll-free for only 60 days, while U.S. officials expect toll-free access to continue long-term.
The global shipping trade group Bimco expressed concern over the lack of clarity in the agreement, noting that safe transit routes and timing remain unspecified. The group warned that the security situation remains volatile and that shipping through Hormuz continues to be very risky.