After Trump signed the Iran agreement, oil prices fell, boosting supply prospects.

After the US President Trump signed an agreement to end the Iran war and reopen the Strait of Hormuz, oil prices dropped by more than 2%, giving people hope for a gradual normalization of supply and the return of Iranian oil to the market. Analysts from Mitsubishi UFJ stated, "Although the industry remains cautious about the pace of normalization, some oil tankers have resumed operations, and export countries like Iraq are preparing to increase shipment volumes." While the prospect of additional supply has largely eliminated geopolitical risk premiums, global inventories remain tight, especially in the US, where last week saw a decrease of 8.3 million barrels in US crude oil stockpiles. In early European trading, Brent crude fell by 2.3% to $77.71 per barrel, while West Texas Intermediate fell by 2.5% to $74.08 per barrel. Both benchmarks have fallen by around 15% so far this week.