Global Oil Price Falls to $82 as US, Iran, Israel Agree to End War, Reopen Strait of Hormuz
Global crude oil prices fell sharply on Monday, with Brent crude dropping to about $82 per barrel following reports that the United States, Israel, and Iran have reached an agreement to end hostilities and reopen the strategic Strait of Hormuz, a key route for global energy supplies.
Brent crude, the international benchmark, declined by about 5 percent to $82.90 per barrel, while the US West Texas Intermediate (WTI) also fell by roughly 4 percent to around $80 per barrel. The last time prices traded at this level was in March, before the escalation of tensions in the Middle East.
Oil prices had previously surged amid the conflict, rising from about $62 in mid-February to as high as $125 per barrel in April as geopolitical tensions disrupted global supply expectations. However, the latest dip reflects easing market fears following news of a peace agreement.
According to reports, the deal includes plans to formally reopen the Strait of Hormuz after a signing ceremony expected later this week in Switzerland.
US President Donald Trump confirmed the agreement on social media, describing it as a breakthrough, while Iranian officials also indicated that the deal marks an immediate end to the conflict, with further talks expected within two months toward a final settlement.