The United States and Iran confirmed that an agreement was reached, and international oil prices fell significantly.

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Following confirmation of an agreement between the United States and Iran and expectations that the Strait of Hormuz will soon reopen, international crude oil futures prices fell sharply on the 14th as markets opened for the new week.

As of 6:15 p.m. Eastern Time on the 14th, the price of light sweet crude oil futures to July delivery on the New York Mercantile Exchange fell to a low of $80.25 per barrel, down 5.45%; meanwhile, Brent crude oil futures to August delivery in London at one point dropped to $83.51 per barrel, a decline of 4.37%.

On the 15th, Pakistani Prime Minister Shehbaz Sharif posted on social media that the United States and Iran have reached a peace agreement. Subsequently, the United States and Iran both confirmed the news.

On the 14th, U.S. President Trump posted on social media that the U.S.-Iran agreement “is now complete.” With the signing of the U.S.-Iran agreement on the 19th, the Strait of Hormuz will be reopened to facilitate mine-clearing operations.

On the morning of the 15th, regional time, Iran’s Supreme National Security Council issued a statement formally confirming that an interim ceasefire memorandum of understanding had been reached between Iran and the United States.

Since the United States and Israel launched military strikes against Iran at the end of February, disruptions to shipping in the Strait of Hormuz have led to a sharp reduction in oil supplies, sending international oil prices soaring.

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