The price of a barrel of oil has dropped by more than 3% after the signing of a memorandum of understanding between the USA and Iran for the reopening of the Strait of Hormuz.

The signing of a memorandum of understanding between the United States and Iran, which provides for the cessation of hostilities and the reopening of the Strait of Hormuz, has led to a significant decrease in oil prices on international markets. At 06:25 GMT, the price of WTI crude was down by 3.40%, to $74.18 per barrel, while Brent crude fell by 3.02%, reaching $77.15 per barrel. The Strait of Hormuz, one of the most important transport routes for oil globally, had previously been affected by tensions that contributed to rising energy prices. The announcement of the agreement between Washington and Tehran was positively received by investors, favorably influencing Asian stock markets as well. The Nikkei index rose by 1.64%, and the Kospi index surpassed the 9,000-point threshold, amid optimism generated by the prospect of resuming trade flows through the region. At the same time, the drop in energy prices mitigated the impact of signals from the U.S. Federal Reserve, which maintained benchmark interest rates but indicated the possibility of additional measures to combat inflation.