Shipping lanes through the Strait of Hormuz have reopened after the US-Iran peace deal, with the first tankers transiting the waterway without incident.
Browsing: oil prices
Brent crude fell nearly 5% to $83 a barrel Monday as the US-Iran peace deal and the formal reopening of the Strait of Hormuz eased months of supply fears.
Oil prices fell more than three percent on Friday as growing confidence in an imminent Iran-US peace deal raised expectations that the Strait of Hormuz will reopen soon.
US wholesale prices surged 6.5 percent in May, the fastest pace since November 2022, driven by a 23.4 percent jump in gasoline costs linked to the Iran war.