Oil Hits February Lows as Hormuz Deal Reshapes Energy Markets
WTI crude oil fell to $68.46 per barrel on Monday, its lowest price since February, completing a 25% collapse over a single month as the US-Iran interim Strait of Hormuz agreement removed the war premium that had propped up energy prices since spring. The speed of the sell-off tells the story. WTI was trading at $91.21 per barrel just a month ago, when US-led military pressure on Iran's nuclear infrastructure had constricted one of the world's most critical shipping chokepoints. The June 17 ceasefire memorandum of understanding signed by President Trump and Iranian President Pezeshkian established a 60-day negotiation window and, more practically, reopened tanker lanes through the Strait of…
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