US-Iran Deal Reported, Oil Prices Drop Amid Strait of Hormuz Reopening Hopes

Pakistan has reportedly confirmed a final agreement between the United States and Iran, though the specific signing location remains undecided. This development has led to a decline in global oil prices, driven by expectations that the deal will facilitate the reopening of the Strait of Hormuz and the lifting of US oil sanctions. Despite the immediate price drop, Goldman Sachs projects oil prices to average $90 per barrel in the fourth quarter, anticipating a gradual normalization of oil flows from August.