International oil prices, which had surged above $110 per barrel, quickly dropped below $100 as the United States and Iran dramatically agreed to a "two-week ceasefire," bringing the reopening of the Strait of Hormuz into sight. However, analysts expect upward pressure on oil prices to continue for several months as it will take time for energy supplies through the strait to return to normal.
Brent crude, the global benchmark, fell to an intraday low of $91.70 on the 8th. This represents a drop of more than 16% from the post-war high of $109.77 (closing price on the 6th) reached ahead of the negotiation deadline set by U.S. President Donald Trump (8 p.m. on the 7th local time; 9 a.m. on the 8th Korea time), with prices remaining at $109.27 on the 7th. West Texas Intermediate (WTI) also fell to $91.05 intraday, cooling significantly from closing prices that had exceeded $110 for four consecutive trading days.
