Global oil prices have experienced a sharp decline following the announcement of a diplomatic agreement between the United States and Iran. This deal has significantly reduced tensions surrounding the strategic Strait of Hormuz, easing concerns over potential supply disruptions. Four key nations emphasized that the successful conclusion and rapid implementation of detailed negotiations between Washington and Tehran are vital. These countries reiterated their collective commitment to ensuring that Iran never acquires a nuclear weapon. The agreement aims for a comprehensive resolution to long-standing geopolitical frictions. Consequently, the market responded with a sudden drop in crude prices as the risk of conflict subsided. The international community continues to monitor the implementation of the pact to ensure stability in the region.