📈 Global Oil Prices Decline Amid Potential US-Iran Ceasefire

Oil futures slipped over 1% today, marking the steepest weekly decline since early April on reports of a potential US-Iran ceasefire. • Market Performance: Brent crude fell 1.1% to US$ 92.67/barrel, while US oil (WTI) dropped 1.4% to US$ 87.64/barrel. • Weekly Outlook: Brent plunged 10.5% this week, with WTI declining 9.2%. • Geopolitical Context: Potential reopening of the Strait of Hormuz—a conduit for 20% of global oil and LNG—is driving price volatility. • Economic Impact: Analysts suggest prices may trend toward the low US$ 80s if the ceasefire holds. While a deal could provide relief, experts note that upstream production and refinery recovery will be gradual due to infrastructure damage sustained during the three-month conflict. Note: Prices reflect market volatility based on pending official approvals for the ceasefire agreement.