Oil Prices Fall 4% on Iran-US Deal Announcement

Oil prices tumbled nearly 4% in early Asian trading Monday after the United States and Iran announced a deal to end the conflict in the Middle East. The benchmark Brent crude for August delivery fell 3.98% to $83.93 a barrel, while U.S. West Texas Intermediate (WTI) dropped 4.45% to $81.10.

Markets in Tokyo and Seoul opened with significant gains, buoyed by the U.S.-Iran agreement. The Japanese Nikkei 225 index rose 4.21%, and the South Korean Kospi surged 4.97%.

A Pakistani mediator announced that Washington and Tehran had reached an agreement to "immediately and permanently" end the war in the Middle East on all fronts, including Lebanon. U.S. President Donald Trump indicated on social media that the Strait of Hormuz would reopen following the agreement's signing on Friday. Traffic in this strategic passage had been paralyzed since the conflict began in late February, causing a sharp spike in oil prices. The Strait of Hormuz typically handles one-fifth of global crude oil transport.

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Washington and Teherán alcanzaron un acuerdo para poner fin “de manera inmediata y permanente” a la guerra en Oriente Medio en todos los frentes, incluido Líbano