Brent Crude Oil Drops 3.8% to $84.02 After US-Iran Deal Announcement

AI Summary

Oil prices decreased in early Asian trading following Pakistan's announcement of a US-Iran deal that may reopen the Strait of Hormuz. Brent crude fell 3.8% to $84.02 per barrel, while US-traded oil dropped 4.1% to $81.40. Pakistani Prime Minister Shehbaz Sharif confirmed an official signing ceremony set for June 19 in Switzerland. The Strait, a vital transit route for 20% of the world's oil, had seen disrupted passage since US and Israeli airstrikes on Iran in February. This development is significant for global energy markets, impacting oil price trends established by recent geopolitical events.