Oil Prices Slide as US-Iran Agreement Raises Expectations of Higher Global Supply

PUKMEDIA

Oil prices.

Oil prices dropped by more than $1 per barrel on Thursday after the United States and Iran signed an interim agreement aimed at ending their trade dispute, reopening the Strait of Hormuz and lifting US sanctions on Iranian oil exports, boosting expectations of increased global crude supplies.

Brent crude futures fell by $1.64, or 2.06%, to $77.91 per barrel, while West Texas Intermediate (WTI) crude futures declined by $1.80, or 2.34%, to $74.99 per barrel.

The losses came a day after oil prices had posted gains, as investors turned their attention to the implications of the US-Iran agreement and the prospect of additional oil supplies returning to international markets.


PUKMEDIA