Brent crude futures fell to $78.23 per barrel on Wednesday, marking a sharp price drop after the United States and Iran reached a provisional diplomatic accord that could restore Iranian oil shipments.
Price Movement
West Texas Intermediate also slipped, trading around $75.16 per barrel. Both benchmarks have lost roughly 10% of their value over the past two trading sessions, intensifying concerns among investors about supply dynamics.
Diplomatic Framework
The interim agreement, set for formal signing on Friday, will allow commercial vessels to navigate the Strait of Hormuz again, while U.S. forces agree to lift the blockade on Iranian maritime assets. Tehran will be authorized to resume petroleum exports immediately after ratification