Brent crude fell below the $90 threshold to around $89.43 per barrel, marking a 7.6 percent single-day decline, while WTI dropped 6.7 percent toward $83. The drop followed an agreement between the United States and Iran to pause military strikes and resume ceasefire negotiations, removing the threat of disruption to the Strait of Hormuz, through which roughly a fifth of the world’s oil supply flows. US equity index futures surged as a result, with investors anticipating lower inflation through reduced energy costs. The ceasefire remains fragile: negotiations started in March have seen multiple false starts, and a single incident could push Brent back above $100, negatively impacting risk assets such as cryptocurrencies.
Source: Read the original article
