After Trump signs Iran war deal, oil prices plummet and European energy stocks fall

After US President Trump signed a temporary agreement to end the Iran war and reopen the Strait of Hormuz, oil prices fell, causing European energy stocks to decline. The Strait of Hormuz is a crucial waterway through which one-fifth of global oil transportation must pass. Shell and BP in London both dropped by approximately 1.1%, Total Energies in France fell by 0.7%, and Eni in Italy decreased by around 0.6%. In early trading in Europe, Brent crude oil fell by 2.3% to $77.71 per barrel, while West Texas Intermediate fell by 2.5% to $74.08 per barrel. So far this week, both of these major benchmark crude oils have fallen by about 15%. Patrick Munnelly of the Tickmill Group wrote, "Trump has stated that the memorandum is now in effect, but there is still uncertainty about how quickly Iran can fully resume shipping."