Crude oil prices fell below $76 per barrel on Thursday, extending their decline toward the lowest levels since early March after reports that the United States and Iran had digitally signed an interim peace agreement. A U.S. official confirmed that the memorandum of understanding is now in effect, though it remains unclear whether Iran has begun implementing measures to fully reopen the Strait of Hormuz.
According to reports, the agreement calls for the rapid reopening of this key shipping corridor and the lifting of sanctions on Iranian oil exports, while negotiations on nuclear issues and potential additional economic incentives for Iran are expected to continue. Market participants are also closely monitoring shipping companies that had largely halted transit through the Strait amid blockades imposed by both the U.S. and Iran.
At the same time, the International Energy Agency (IEA) warned of a potential supply glut, forecasting that global oil supply will rise by 8 million barrels per day by 2027, compared with an increase in demand of only 2 million barrels per day.
