Oil prices fell more than 4%, reaching their lowest level in three months, after the US and Iran agreed a memorandum of understanding that could lead to permanent peace.
The oil spike caused by the war sent prices to their highest levels since 2022, at well over $100 a barrel.
Average gasoline prices in the US hit $4.56 a gallon in May, before falling to $4.07—still more than a dollar higher than prices before the war began.
On Sunday, Brent Crude, the global benchmark, hit $84.21 a barrel.
Prices had already begun to fall on Friday amid reports that a deal was finally about to be reached.
The agreement, if followed through, will increase traffic through the vital Strait of Hormuz, but disruptions to the oil market could take months to resolve.
As Axios notes, shippers may remain wary about the safety of navigating the Strait, which has been under a US Navy blockade. Shipping has come under attack from both the US and Iran during the conflict.
One Response
There really was no war as it was all theater.
Gas prices are still sky high and will keep going up.
The Orange Clown Administration will in fact vaccinate the goyim population right up the ass during the coming soon pandemic.
Good and innocent Americans pray everyday for Donald J.ew Trump to go tits up as soon as possible 🙂