Oil prices experienced a significant drop, reaching levels not seen since late February, following a US-Iran agreement regarding the Strait of Hormuz. The agreement aims to ensure safe passage through the critical waterway, a key global oil transit route. This development alleviated concerns about potential supply disruptions, prompting a decline in both Brent and West Texas Intermediate (WTI) crude oil prices. Brent crude fell to $77.69 per barrel, while WTI crude reached $74.90 per barrel. Analysts attribute the price decrease to the anticipated increase in oil supply resulting from the eased tensions. The deal signals a potential shift in the market dynamic, reducing the risk premium previously factored into oil prices due to geopolitical instability. This price reduction could impact fuel costs globally.