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Oil Plunges on US-Iran Ceasefire Extension Agreement

Crude markets fell sharply after the United States and Iran agreed to extend their ceasefire arrangement for an additional 60 days, pending final approval from the Trump administration. Brent crude is tracking toward its steepest monthly decline since 2020 as traders bet that a sustained truce could restore normal shipping through the Strait of Hormuz, a critical chokepoint for global energy supplies. The tentative agreement boosted risk appetite across financial markets, with equities hitting record levels as geopolitical tensions eased. However, some market participants expressed skepticism about the timeline for reopening the strait to normal traffic flows, questioning whether normalcy could be achieved within a month of any final peace accord.