Global oil benchmarks have retreated to their lowest levels since the Iran conflict began following the ratification of a new ceasefire agreement. Brent crude fell below $80 per barrel while West Texas Intermediate settled just above that threshold.
The diplomatic breakthrough has significantly reduced geopolitical risk premiums previously attached to energy markets. Traders are recalibrating supply chain assessments as threats to tanker traffic through the strategic Strait of Hormuz subside.
Market focus now shifts to OPEC’s potential production response and upcoming U.S. Energy Information Administration inventory data. Analysts warn that pricing remains contingent on the durability of the ceasefire and future supply-demand dynamics.