Kathmandu. Crude oil prices in Asian markets have fallen sharply after the announcement of the US-Iran deal.
U.S. President Donald Trump said the Strait of Hormuz would be reopened as part of the deal, sending oil prices falling. Brent crude, the global oil benchmark, fell 3.8% to $84.02 a barrel and the US fell 4.1% to $81.40 a barrel.
Pakistan Prime Minister Shehbaz Sharif said that the agreement will be officially signed in Switzerland on June 19. “The uninterrupted flow of oil to the region will resume,” Trump wrote on social media. ’
The Strait of Hormuz was effectively closed shortly after the US and Israel launched airstrikes on Iran on February 28. About 20% of the world’s oil and liquefied natural gas (LNG) supplies usually go through this sea route.
Global energy markets have experienced sharp volatility in recent months. Before the war broke out, the price of Brent crude oil was about $70 per barrel. However, during the conflict, the price reached around $120 a barrel. –Agency
