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🇩🇰 Denmark /Economy & Trade

Oil prices fall further after agreement signed

From Berlingske · () Danish

Translated from Danish, summarized and contextualized by DistantNews.

At a glance

News From a news agency Outcome reported
  • Oil prices dropped significantly after the US and Iranian presidents signed an agreement to end the war and reopen the Strait of Hormuz.
  • Brent crude fell 1.4% to $78.42 per barrel, and West Texas Intermediate dropped 1.7% to $75.47.
  • The understanding aims to extend the ceasefire and establish a political framework for a detailed peace agreement.

Oil prices have fallen further following the signing of an agreement between the US and Iran to end their conflict and reopen the Strait of Hormuz. The news has boosted optimism for peace after more than three months of war that had shaken energy markets.

Early Thursday, Brent crude oil was trading at $78.42 per barrel, a 1.4% decrease. West Texas Intermediate crude saw a 1.7% drop, settling at $75.47 per barrel. Both benchmarks have fallen more than 15% since last week, when rumors of a deal began to circulate.

The agreement is a memorandum of understanding designed to extend the ceasefire in the Middle East and create a political framework for a more detailed accord to end the war. U.S. President Donald Trump signed the document at the Palace of Versailles in France during a G7 summit. Esmaeil Baghaei, spokesperson for Iran's Foreign Ministry, confirmed to the state-run Irna news agency that Iranian President Masoud Pezeshkian also signed the document, stating it was "completed with the signatures of the presidents."

completed with the signatures of the presidents

— Esmaeil BaghaeiEsmaeil Baghaei, spokesperson for Iran's Foreign Ministry, confirmed to the state-run Irna news agency that Iranian President Masoud Pezeshkian also signed the document.
DistantNews Editorial

Originally published by Berlingske in Danish. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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