Oil Prices Fell - Markets Await Opening of Strait of Hormuz

Oil prices continued their decline on Tuesday after reaching a three-month low in the previous trading session. Brent crude oil fell 2.1% to $81.41 per barrel, while WTI declined 2.4% to $78.83.

Price pressure was driven by a preliminary agreement reached between the United States and Iran, which provides for a 60-day extension of the ceasefire regime and the opening of the Strait of Hormuz. Following the announcement of the agreement, both oil grades experienced approximately a 5% decline and hit their lowest levels since March.

Market participants are now closely monitoring the implementation of the agreement and how quickly oil exports resume. U.S. President Donald Trump stated that the Strait of Hormuz could be fully opened as early as Friday, when U.S. and Iranian representatives plan to officially sign the agreement in Switzerland.

Despite positive sentiment, analysts continue to point to certain risks. According to their assessment, full normalization of shipping, restoration of maritime security, and replenishment of accumulated reserves could take several weeks or even months.

Additional pressure is being created by OPEC's revised forecast, according to which global oil demand growth in 2026 will be weaker than expected. The organization has reduced its demand growth forecast for the coming year for the second consecutive month and now expects growth of approximately 970,000 barrels per day.

According to experts, if delays occur during negotiations or the opening of the strait is postponed, volatility in energy markets and supply-related concerns will increase further.