Significant Decrease in Oil Prices Following US-Iran Accord

World oil rates continued to decline as investors evaluated the ramifications of a tentative peace deal between the U.S. and Iran, along with the likely reopening of the Strait of Hormuz. Brent crude prices dropped to $82.92 a barrel, while U.S. WTI was priced at $80.66 after a nearly 5% fall the day before. The Strait of Hormuz, which typically transports about 20% of the world's oil supply, remains a crucial concern for traders. In addition, China's crude imports saw a dramatic 29% decline in May, intensifying price pressures. Market participants are now closely monitoring if ceasefire agreements and supply routes can be completely reinstated.