Oil Prices fall as threat of strategic hormuz strait closure subsides

New York, SANA–Oil prices fell by 4% today following U.S. President Donald Trump’s announcement of a ceasefire agreement between Iran and Israel.

According to Reuters, Brent crude futures settled at $67.68 per barrel in the latest trading session—its lowest level since June 11—following the end of a direct threat to close the vital Strait of Hormuz, a critical passage for a significant share of global oil shipments.

Meanwhile, U.S. crude futures dropped by 3.6% to reach $66.02 per barrel.

Manar Salameh