Crude Oil is trading 5% down at $76.70 after a preliminary U.S.-Iran peace agreement sharply reduced the geopolitical risk premium.
- Reports indicate the deal reopens the Strait of Hormuz, a critical maritime route that carries approximately 20% of global oil supply.
- The move extends Monday’s selloff, which saw prices fall more than 4% to below $84 as traders priced in easier shipping flows and lower supply disruption risks.