Oil and Gas Prices Drop Amid U.S.-Iran Ceasefire, Uncertainty Over Hormuz Remains
Oil and natural gas prices have fallen sharply following a ceasefire agreement between the U.S. and Iran, aimed at halting a six-week conflict. Despite the ceasefire, uncertainty persists regarding the resumption of oil flows through the Strait of Hormuz, a critical passage for global energy supplies. Brent crude prices dropped by 13%, settling below $95 per barrel, while European natural gas futures experienced a significant decline. The ceasefire has raised hopes of easing supply disruptions, but the waterway remains largely restricted due to ongoing security concerns. Market participants are cautious, as tanker movements are still halted, and regional hostilities continue, including Israeli operations in Lebanon and Iranian strikes across Gulf states. 
