Kathmandu, June 15: With the agreement between the United States and Iran to reopen the Strait of Hormuz, international crude oil prices have fallen sharply.
In Asian markets on Monday morning, the price of Brent crude dropped by 3.8 percent to $84.02 per barrel. Similarly, U.S. crude oil prices declined by 4.1 percent, reaching $81.40 per barrel.
The strategic waterway had been closed since February 28 after the United States and Israel launched airstrikes against Iran. According to Pakistan, the primary agreement will be formally signed in Switzerland next Friday.
U.S. President Donald Trump has also confirmed the agreement.
A comprehensive agreement between the USA and Iran is scheduled to be signed within 60 days by ending disputes between the USA and Iran, it is said.
People’s News Monitoring Service.
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