Oil slides after US-Iran ceasefire deal to reopen Strait of Hormuz

Oil prices slid following the announcement of a ceasefire agreement between the United States and Iran to reopen the Strait of Hormuz, a key development aimed at calming global energy markets. The deal was revealed shortly before the deadline set by former President Donald Trump for Tuesday evening, highlighting the timely nature of the diplomatic efforts. This agreement is expected to reduce tensions in one of the world's most critical oil shipping lanes, which had faced potential closure amid recent geopolitical conflicts. Consequently, market participants responded by adjusting their positions, reflecting optimism over improved supply stability and security in the region.