Oil drops as US‑Iran cease‑fire deal eases supply risk, Brent below $84
A tentative US‑Iran cease‑fire agreement and the reopening of the Strait of Hormuz cut the geopolitical premium on crude, sending Brent down 4.8% to $83 per barrel. Lower oil costs could ease inflation pressures on households and boost energy‑heavy stocks, but full supply recovery may take months.