Oil prices experienced a significant drop Thursday morning following the announcement of a peace agreement between the United States and Iran. The US benchmark West Texas Intermediate (WTI) crude fell 3.4%, reaching $74.18 per barrel. Simultaneously, the international benchmark, Brent crude from the North Sea, decreased by 3.02% to $77.15 per barrel. This decline is directly attributed to expectations of increased oil supply resulting from the eased geopolitical tensions. Analysts predict further price adjustments as the market reacts to the long-term implications of the agreement. The peace deal signals a potential end to sanctions that have previously restricted Iranian oil exports. This increased supply is expected to alleviate concerns about global oil shortages.